Location: Marion County, IL | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The ZIP code 62882 stands out in its county with a total of 2,057 residents, where 23.8% are renters. The median income here is $55,582, and the median home value is $85,150. These figures suggest a relatively stable community with a modest rental presence.
In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 62882 in fiscal year 2024 is set at $900. This contrasts sharply with the market rent figure of $708, based on Census American Community Survey data. Landlords and small-portfolio investors should take note that the higher FMR could provide an opportunity to attract tenants who qualify for Section 8 vouchers, potentially stabilizing occupancy rates and ensuring a steady income stream.
The data signature for ZIP 62882 indicates a stable environment. With a significant gap between the FMR and the actual market rent, there's potential for landlords to benefit from the increased rental support without facing the volatility often associated with transitional markets. However, it's important to keep an eye on local economic trends and any changes in federal funding that might affect the availability and value of Section 8 vouchers.
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.