Section 8 Fair Market Rent (FMR) for ZIP 62843 - 2027
Location: Wayne County, IL | Metro: Wayne County, IL
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$16,020
To determine if you should invest in ZIP code 62843 for Section 8 properties, follow this decision tree:
- Does FMR $920 (metro FY 2026) cover the debt service on a property?
- If the answer is Yes: The Fair Market Rent (FMR) of $920 can potentially cover the debt service on your property, making it financially viable for Section 8 tenants.
- If the answer is No: Investing in this area would be risky since the FMR does not cover the debt service. This means that even with Section 8 tenants, you might struggle to meet financial obligations.
- Is market rent above, at, or below FMR?
- If market rent is Above FMR: This indicates that the rental market in ZIP 62843 is strong, and landlords can charge more than the FMR. However, this also suggests that fewer tenants might qualify for Section 8 due to income restrictions.
- If market rent is At or Below FMR: This makes the ZIP code more attractive for Section 8 tenants, as the rents align closely with what the government deems fair. It increases the likelihood of finding qualified tenants.
- Are 56.7% renters + N/A-day Days On Market (DOM) enough demand?
- If there is Sufficient Demand: With 56.7% of residents being renters, there is a significant portion of the population looking for housing. This percentage alone suggests a reasonable demand for rental properties. However, the exact number of days on market (DOM) is required to assess how quickly properties are rented out.
- If there is Insufficient Demand: If the DOM is high, it could indicate that properties take longer to rent, which might not be ideal for an investment strategy focused on Section 8.
The final decision will depend on the answers to these questions. If the FMR covers debt service and market rents are at or below FMR, with a reasonable DOM, then investing in ZIP 62843 for Section 8 properties is advisable. Otherwise, it might not be the best choice.
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.