Location: Gallatin County, IL | Metro: Gallatin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 62871 presents an interesting scenario for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 866, only 12.8% of residents are renters, indicating that this is predominantly a homeowner-dominated area. This means that the pool of potential Section 8 tenants is relatively smaller compared to areas with higher percentages of renters.
The median household income in this ZIP code stands at $107,750, which is significantly above the national average. In contrast, the typical market rent is $1,326 per month. To put this into perspective, the monthly rent constitutes approximately 14.1% of the median annual income when calculated. This figure is derived by multiplying the median household income by 12 months and then dividing the annualized rent ($15,912) by the annual income ($1,293,000).
The Fair Market Rent (FMR) for the metro area, as of fiscal year 2026, is set at $1,050. This indicates that the market rent in ZIP 62871 exceeds the FMR by $276, or about 26.3%. The discrepancy between the market rent and the FMR suggests that landlords might face challenges in attracting Section 8 tenants due to the voucher limits.
A landlord in ZIP 62871 can expect a tenant profile that includes individuals who are likely to be employed and have stable incomes, given the overall economic conditions of the area. However, these tenants will also need to manage a significant portion of their income towards housing costs, making affordability a key concern. Landlords should prepare for a tenant pool that may require assistance in finding affordable housing options, and they must be aware that the $1,326 market rent may exceed the allowable voucher amount of $1,050 for many prospective tenants.
In summary, ZIP 62871 is not heavily populated with renters, and the local income levels suggest that typical rents consume a notable share of the average resident's income. Landlords should be prepared for a niche market where Section 8 vouchers may not fully cover the rent, necessitating careful consideration of rental policies and potential subsidies to attract and retain tenants.
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.