Section 8 Fair Market Rent (FMR) for ZIP 62881 - 2027

Location: Marion County, IL | Metro: Marion County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$660
1 Bedroom	$770
2 Bedrooms	$930
3 Bedrooms	$1,210
4 Bedrooms	$1,550
5 Bedrooms	$1,798
6 Bedrooms	$2,014
7 Bedrooms	$2,175
8 Bedrooms	$2,284

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

11,078

Median Household Income

$71,270

Housing Units

5,095

Renter Percentage

26.5%

Occupancy Rate

92.7%

Renter Occupied

1,250

To determine if you should buy in ZIP code 62881 for Section 8 purposes, follow these steps:

Step 1: Does the Fair Market Rent (FMR) of $940 per month cover the debt service on a property valued at $140,951?

If yes, proceed to Step 2.
If no, do not invest in this area as the rental income will not be sufficient to meet your financial obligations.

Step 2: Compare the market rent of $778 per month to the FMR of $940 per month.

If market rent is below FMR, proceed to Step 3.
If market rent equals FMR, reconsider your investment strategy since there's little room for negotiation or unexpected changes.
If market rent exceeds FMR, this scenario is unlikely given the data; however, if it were the case, it would indicate a strong local rental market, and you should consider other factors such as demand and competition.

Step 3: Evaluate the demand by considering the percentage of renters (26.5%) and the number of days on the market (DOM), which is listed as N/A.

If the percentage of renters is high and DOM is low, there is likely enough demand to support a Section 8 investment. However, with DOM being N/A, this suggests incomplete data.
If the percentage of renters is moderate but DOM is still unknown, it depends on additional factors such as vacancy rates and the overall health of the local economy.
If the percentage of renters is low or DOM is high, there is insufficient demand to justify a Section 8 investment in this area.

The decision to invest in ZIP 62881 hinges on whether the FMR can cover debt service and the comparison between market rent and FMR. With a 26.5% rental rate and unknown DOM, the final decision will depend on the answers to the first two steps and further investigation into the local rental market dynamics.

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.