Section 8 Fair Market Rent (FMR) for ZIP 62877 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$700
1 Bedroom	$850
2 Bedrooms	$930
3 Bedrooms	$1,260
4 Bedrooms	$1,270
5 Bedrooms	$1,473
6 Bedrooms	$1,650
7 Bedrooms	$1,782
8 Bedrooms	$1,871

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

437

Median Household Income

$83,958

Housing Units

231

Renter Percentage

10.9%

Occupancy Rate

87.0%

Renter Occupied

The ZIP code 62877, located in the southern part of Illinois, offers a unique blend of rural charm and suburban convenience, making it an attractive market for real estate investment. The area is characterized by a mix of single-family homes and rental properties, catering to a diverse range of residents including families, young professionals, and retirees.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $1,010, indicating a stable demand for affordable housing options.
The average market rent for properties in ZIP 62877 is currently $746, according to the latest Census American Community Survey (ACS) data, suggesting that there is potential for rental income growth to meet the FMR standards.
The median home value in the area stands at $129,260, which is relatively low compared to national averages, providing an opportunity for investors to acquire properties at a lower cost.
Renters make up 10.9% of the local population, pointing to a smaller but steady rental market.
The Days on Market (DOM) for listings in this area is not applicable (N/A), possibly due to a lack of recent sales data, which could imply that the market is less active or that sales are quick once a property is listed.
The median household income in ZIP 62877 is $83,958, reflecting a middle-class community with sufficient financial stability to support both homeownership and rental markets.

For investors looking to enter the ZIP 62877 real estate market, the combination of a stable median income and a growing demand for affordable housing presents a promising opportunity. The current market rents are below the projected fair market rents, indicating room for price adjustments without alienating tenants. With a median home value under $130,000, purchasing properties can be financially feasible, especially considering the potential for rental income growth. However, the lack of Days on Market data suggests caution in assessing liquidity and market activity, as this may vary significantly from other regions. Overall, ZIP 62877 represents a balanced investment opportunity for those interested in a stable, middle-income market with growth potential in the rental sector.

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.