Location: Wayne County, IL | Metro: Clay County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,110 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 62868 stands out due to its unique demographic and economic characteristics. With a total population of 1,463 residents, only 14.8% are renters, indicating a predominantly owner-occupied area. The median income for households in this ZIP is $61,645, reflecting a middle-class community. Despite this, the median home value is notably higher at $126,203, suggesting that homeownership is relatively expensive compared to average incomes.
Turning to the voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, while the actual market rent, according to the Census ACS, is $539. This disparity means that landlords participating in the Section 8 program could potentially see an increase in rental income by nearly $381 per month, or approximately 71%, over the typical market rate. However, it's important to note that the higher FMR does not necessarily reflect the local market conditions, which might lead to challenges in finding eligible tenants who can afford the higher rents.
The data signature for ZIP 62868 reads as stable. The low percentage of renters combined with a high median home value suggests a mature housing market where most residents have settled into homeownership. While the opportunity for increased rental income through Section 8 vouchers exists, the overall economic indicators point towards a steady, rather than rapidly changing, environment. Landlords should carefully consider the balance between the potential benefits of the higher FMR and the realities of the local rental market before deciding to participate in the program.
Summary:
This analysis provides a clear picture of the economic landscape within ZIP 62868, guiding landlords and small-portfolio investors in making informed decisions about their properties and participation in government housing assistance programs.
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.