Location: Wayne County, IL | Metro: Wayne County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 62878 reveals a unique rental market scenario where affordability plays a crucial role in decision-making for both renters and landlords. Given the median income of $65,213, households in this area face challenges when it comes to affording the local market rate, which is currently listed as N/A. This lack of specific market rate data suggests either an underdeveloped rental market or significant scarcity in rental listings.
In contrast, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 stands at $920. This figure represents the standard voucher payment amount for housing assistance through the Section 8 program. Considering the median income, the FMR provides a more affordable option for renters, potentially making Section 8 vouchers a preferred choice for those seeking accommodation within their budget constraints.
ZIP 62878 has a total population of 177, with a reported 0.0% of residents being renters. This statistic implies that the rental market is virtually non-existent, leading to minimal competition among landlords. The low number of renters could be attributed to several factors including limited job opportunities, a predominantly owner-occupied community, or the area being largely rural.
The affordability gap in this ZIP code means that landlords must consider the benefits of accepting Section 8 vouchers versus relying on cash-paying tenants. Accepting vouchers can provide a steady stream of income, albeit at a fixed rate, while also tapping into a segment of the population that might otherwise find it difficult to secure housing due to financial limitations. However, the scarcity of renters overall indicates that demand for rental properties is low, which could affect the volume of potential tenants, regardless of payment method.
For landlords, the takeaway is clear: accepting Section 8 vouchers can be a strategic move to ensure occupancy and a stable income source in a market where cash-paying tenants are scarce. Despite the lower rents compared to the unlisted market rate, the guaranteed payments and government backing of Section 8 vouchers make them a reliable option. Landlords should also be aware of the potential administrative requirements and inspections associated with participating in the Section 8 program.
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.