Location: Franklin County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
The ZIP code 62840 in Franklin County, Illinois, presents unique challenges and opportunities for landlords and small-portfolio investors. The data signature for this area lacks specific figures for residents, percentage of renters, median income, and median home value, indicating a scarcity of detailed demographic information.
Moving to voucher economics, the Fair Market Rent (FMR) for ZIP 62840 is set at $920 for the fiscal year 2026. This figure represents the amount that a landlord can expect to receive through the Section 8 program for a unit in this ZIP code. However, without comparative market rent data, it's difficult to assess how competitive this FMR is relative to local rental prices. Landlords should be cautious about relying solely on this information and seek out additional sources to understand the local rental market dynamics.
Given the absence of detailed economic indicators, it's challenging to definitively classify ZIP 62840 as either stable or transitional. Typically, a stable ZIP would have consistent population and income levels, whereas a transitional ZIP might show signs of change in demographics and housing values. The lack of data points towards a less developed or monitored area, which could imply both stability and potential for change. Investors should conduct thorough due diligence to determine the true nature of the ZIP code's economic environment before making any investment decisions.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.