Section 8 Fair Market Rent (FMR) for ZIP 62863 - 2027

Location: Wabash County, IL | Metro: Wabash County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$690
1 Bedroom	$760
2 Bedrooms	$990
3 Bedrooms	$1,370
4 Bedrooms	$1,430
5 Bedrooms	$1,659
6 Bedrooms	$1,858
7 Bedrooms	$2,007
8 Bedrooms	$2,107

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

9,379

Median Household Income

$55,916

Housing Units

4,590

Renter Percentage

26.1%

Occupancy Rate

87.4%

Renter Occupied

1,045

The ZIP code 62863, located in the southern part of Illinois, is characterized by a modest urban landscape with a mix of residential areas and small commercial hubs. The local economy is driven by agriculture and manufacturing, providing a stable foundation for rental markets.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $920.
The average market rent for properties in ZIP 62863, based on Census American Community Survey (ACS) data, stands at $792.
The median home value in the area is $120,364, indicating that it is an affordable region for both homeowners and renters.
Renters make up 26.1% of the population, showing a significant but not overwhelming demand for rental properties.
The median income in ZIP 62863 is $55,916, which suggests that tenants have a reasonable ability to pay rent without excessive financial strain.
The Days on Market (DOM) for rental listings is not applicable (N/A), which could imply either a steady flow of tenants or a lack of comprehensive data on this metric.

In summary, ZIP 62863 presents a balanced opportunity for landlords and small-portfolio investors. With the Fair Market Rent slightly above the actual market rent, there is potential for modest growth in rental income. The median home value indicates that the area is accessible to a broad range of buyers and renters, while the renter share and median income suggest a stable tenant base capable of paying rent. However, the absence of DOM data means that the speed of property turnover cannot be precisely assessed, which is crucial for managing cash flows and maintenance schedules.

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.