Location: Jefferson County, IL | Metro: Jefferson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,130 |
| 4 Bedrooms | $1,240 |
| 5 Bedrooms | $1,438 |
| 6 Bedrooms | $1,611 |
| 7 Bedrooms | $1,740 |
| 8 Bedrooms | $1,827 |
U.S. Census Bureau data (2024)
The median income in ZIP code 62846 stands at $65,500, which provides a baseline for understanding the financial capabilities of the typical household. The market rate for rent, according to the Census ACS, is $536 per month. This figure suggests that the average household could potentially afford the market rent without significant strain on their budget.
In contrast, the Fair Market Rent (FMR) for the metro area as of fiscal year 2026 is set at $920 per month. This higher amount represents the standard payment for Section 8 vouchers, indicating that households receiving these vouchers have more purchasing power when it comes to rental properties. The disparity between the market rate ($536) and the voucher payment standard ($920) highlights an affordability gap where properties priced closer to the FMR might struggle to attract tenants relying solely on market rates.
With 25.5% of the 1,798 residents being renters, there is a notable segment of the population seeking housing options. However, the affordability gap means that landlords may face competition in finding tenants willing to pay the higher voucher amounts. Landlords who accept Section 8 vouchers will likely benefit from a steady stream of rent payments, backed by government subsidies, whereas those who opt for cash-paying tenants might find themselves competing for a smaller pool of potential renters capable of paying $920 per month.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting Section 8 vouchers can provide a reliable source of income, aligning with the higher FMR of $920. This strategy can be particularly beneficial given the affordability gap and the potential for increased competition among properties priced at market rates. Conversely, focusing on cash-paying tenants may limit the pool of available renters but could offer greater flexibility in terms of tenant selection and property management practices.
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.