Location: Clay County, IL | Metro: Clay County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 62879 in fiscal year 2026 is set at $920. This figure represents the payment standard that landlords can expect from the Housing Choice Voucher program, commonly known as Section 8. It's important to note that this is not the amount tenants will pay in rent; rather, it's the maximum amount the government will subsidize per unit.
When comparing this to local market rents, you'll find that the data is currently unavailable. However, the FMR provides a benchmark for the rental value of your property under the Section 8 program. Landlords receive a portion of the tenant's rent plus the subsidy to meet the total rent. The subsidy ensures that the landlord receives the FMR amount, which covers the costs associated with maintaining a property at a decent standard.
The renter share of 0.0% suggests there is no existing Section 8 rental activity in ZIP 62879. This could indicate low demand or limited availability of vouchers in the area. However, it also means there might be an opportunity to enter a market where Section 8 rentals are scarce, potentially attracting tenants who otherwise struggle to find affordable housing.
Regarding the acquisition cost of properties in this ZIP code, the data is also not available. Nonetheless, landlords should consider the overall condition of the property and any necessary repairs to ensure it meets the Housing Quality Standards (HQS) required by the Section 8 program. These standards are designed to ensure that rental units are safe and habitable.
Before committing to a Section 8 rental, verify that the property complies with all local building codes and HQS requirements. This step is crucial because non-compliance can lead to penalties and loss of subsidy payments. Once these conditions are met, the $920 FMR offers a reliable income stream, backed by the government, ensuring steady cash flow without the risk of unpaid rent.
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.