Section 8 Fair Market Rent (FMR) for ZIP 62864 - 2027

Location: Jefferson County, IL | Metro: Jefferson County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$780
1 Bedroom	$790
2 Bedrooms	$1,020
3 Bedrooms	$1,220
4 Bedrooms	$1,350
5 Bedrooms	$1,566
6 Bedrooms	$1,754
7 Bedrooms	$1,894
8 Bedrooms	$1,989

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

22,779

Median Household Income

$60,451

Housing Units

11,122

Renter Percentage

33.8%

Occupancy Rate

87.0%

Renter Occupied

3,274

The ZIP code 62864, located in Southern Illinois, offers a stable real estate market with a mix of rental and homeownership opportunities. This area is characterized by modest housing values and a significant portion of renters, making it an attractive location for investors looking to capitalize on both rental income and potential property appreciation.

Fair Market Rent: The Fair Market Rent for the metro area in fiscal year 2026 is set at $1,050, indicating a steady demand for affordable housing.
Market Rent: According to the Census ACS, the average market rent is $901, slightly below the FMR, suggesting landlords can potentially increase rents without losing tenants.
Median Home Value: The median home value stands at $123,858, which is relatively low compared to other regions, offering a good entry point for investment.
Renter Share: With 33.8% of the population renting their homes, there is a substantial market for rental properties, providing a reliable tenant pool.
Days on Market (DOM): The data does not provide a specific number for DOM, but this can be an indicator of how quickly properties sell or rent, affecting the cash flow for investors.
Median Income: The median household income is $60,451, which is sufficient to support the current rental rates and suggests that tenants can afford slight increases in rent.

Investors considering the ZIP code 62864 should take note of the strong rental market and the potential for modest appreciation in property values. The gap between the market rent and the Fair Market Rent provides a window for adjusting rental prices upwards. Additionally, the low median home value makes it an accessible market for those looking to diversify their real estate portfolio. However, the lack of specific days on market data means that further local research is necessary to gauge the speed of property turnover and the impact on cash flow.

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.