Location: Marion County, IL | Metro: Clay County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The median income in ZIP code 62854 stands at $63,587, which places significant constraints on households' ability to afford the market rate rent of $661 per month. This makes it challenging for residents to find housing that fits within their budget without assistance.
In contrast, the Fair Market Rent (FMR) set for the metro area in fiscal year 2026 is $920, indicating a substantial gap between what the market demands and what the average household can afford. This suggests that many tenants would require subsidies or rental assistance to secure housing at the current market rates.
With only 10.8% of the 1,827 residents being renters, competition among landlords is likely to be fierce. The scarcity of rental units means that those who do offer rentals must be mindful of pricing and tenant support options to remain competitive.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: given the affordability gap, accepting vouchers could be a viable approach to securing tenants. Vouchers cover the $920 FMR, making it easier for potential tenants to afford the rent. However, landlords should also consider the administrative aspects and any potential delays in receiving payments that come with voucher programs. Balancing these factors against the stability of cash-paying tenants will determine the best strategy for individual landlords in ZIP 62854.
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.