Location: Effingham County, IL | Metro: Clay County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The ZIP code 62858 is a moderately renter-heavy area with a significant portion of its population relying on rental housing. With 30.3% of the residents being renters, it indicates a substantial demand for rental properties. However, this percentage also suggests that the area is not dominated by renters; there is a notable homeowner presence as well.
The median household income in this ZIP code stands at $66,319, which is a critical figure when considering the affordability of housing. The average market rent of $746 represents approximately 11.2% of the median household income, making it relatively affordable for most tenants. This is further underscored by the fact that the Fair Market Rent (FMR) for the metro area is set at $1,090 (for FY 2026), indicating that the market rent in ZIP 62858 is below the FMR threshold, which is beneficial for both landlords and potential tenants using Section 8 vouchers.
In terms of Section 8 voucher usage, the gap between the actual market rent ($746) and the FMR ($1,090) suggests that tenants with vouchers can afford higher-quality units than the average market rate might imply. This makes ZIP 62858 an attractive location for landlords willing to participate in the Section 8 program, as they can potentially fill their units with tenants who have reliable rental assistance.
A landlord in ZIP 62858 should anticipate a tenant profile characterized by individuals or families who rely on rental assistance due to lower incomes relative to the broader area's FMR. These tenants will likely be seeking units that offer a balance between affordability and quality, ensuring that their housing costs do not exceed the limits imposed by their vouchers. Landlords should ensure that their properties meet the necessary standards and that rents are priced competitively yet remain within the bounds of the voucher coverage to attract these tenants effectively.
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.