Location: Hamilton County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The ZIP code 62860 is primarily a homeowner-dominated area, with only 15.8% of the population being renters. This suggests that the demand for rental properties, including those utilizing Section 8 vouchers, is relatively low compared to areas with higher percentages of renters. Given the median household income of $80,288, the typical market rent of $614 represents approximately 9.5% of the local income, which is well below the federal fair market rent (FMR) of $990 for the fiscal year 2026.
The disparity between the median market rent and the FMR indicates that there is ample room for landlords to potentially increase their rents without exceeding the voucher limits. However, the lower percentage of renters implies that landlords may need to be selective about accepting Section 8 tenants if they aim to maximize occupancy rates and income.
In this ZIP code, landlords should expect a tenant profile that includes individuals and families who are likely to have some disposable income beyond rent due to the relatively low cost of renting. The typical Section 8 tenant in this area would be someone whose total income allows them to afford a living space that is modestly priced compared to the average home value in the area.
To conclude, while Section 8 vouchers can be a viable option for securing tenants in ZIP 62860, the limited number of renters and the significant gap between actual market rents and the FMR suggest that landlords might prefer to cater to a broader range of tenants, including those without vouchers, to maintain competitive occupancy and financial returns.
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.