Section 8 Fair Market Rent (FMR) for ZIP 62856 - 2027

Location: Franklin County, IL | Metro: Franklin County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$700
1 Bedroom	$760
2 Bedrooms	$1,000
3 Bedrooms	$1,320
4 Bedrooms	$1,400
5 Bedrooms	$1,624
6 Bedrooms	$1,819
7 Bedrooms	$1,965
8 Bedrooms	$2,063

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

332

Median Household Income

$60,750

Housing Units

165

Renter Percentage

5.5%

Occupancy Rate

87.9%

Renter Occupied

The ZIP code 62856, located in Southern Illinois, is characterized by its rural setting and agricultural landscape, offering a unique market for both landlords and small-portfolio investors. This area is less densely populated compared to urban centers, which affects rental demand and property values.

The Fair Market Rent (FMR) for a 2-bedroom apartment in the metro area for fiscal year 2026 is set at $1,020.
The median home value is currently not available, indicating that the housing market in this region might be less active or data collection is sparse.
Renters make up only 5.5% of the population, suggesting a preference for homeownership over renting.
The median household income stands at $60,750, providing insight into the financial capabilities of potential tenants.
The Days on Market (DOM) statistic is also not available, which could mean that listings either move quickly or are infrequent in this area.

In summary, while the Fair Market Rent provides a benchmark for rental pricing, the limited availability of other key metrics such as market rent and median home value suggests a niche market with fewer opportunities for large-scale investment. The low renter share indicates that demand for rentals may be lower, but the median income level supports the potential for stable tenant payments. Investors should consider these factors carefully when evaluating the ZIP 62856 market for rental properties.

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.