Location: Williamson County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 62841 is not a renter-heavy area; only 3.8% of the population are renters, indicating that it is primarily a homeowner-dominated region. The total population of 118 residents suggests a small community where rental properties might be limited.
The median household income in this ZIP code stands at $31,750. Since there is no specific data on market rent, we can use the Fair Market Rent (FMR) as a benchmark. For fiscal year 2024, the FMR for ZIP 62841 is set at $890. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their rent in this area.
To understand the impact of this income level on typical rent payments, let's consider the FMR as an approximation of the market rent. At $890 per month, the rent would consume approximately 35% of the median household income annually. This calculation assumes that the FMR closely aligns with the actual market rent, which is a reasonable assumption given the lack of specific market rent data.
The scarcity of rental properties and the low percentage of renters suggest that the demand for Section 8 vouchers may also be limited. Landlords in this area should prepare for a tenant pool that is largely dependent on government assistance due to the lower median income. Tenants will likely have a strong need for subsidized housing and will be looking for affordable options within the FMR guidelines.
In summary, landlords in ZIP 62841 should expect a tenant pool that is heavily reliant on Section 8 vouchers due to the economic conditions. With a median income of $31,750, tenants will be seeking affordable housing options where the rent does not exceed $890 per month, representing about one-third of their annual income.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.