Location: Perry County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
970 FMR (metro FY 2026) sets the ceiling for rental assistance in ZIP code 62883, indicating that landlords can charge up to this amount per unit under the program. However, the market rent for the area is listed as N/A, which means there isn't enough recent data to determine if the FMR is reflective of actual market conditions. With a median home value of 207,277 dollars, it's clear that property values are relatively stable, but only 2.1% of residents are renters, suggesting a limited demand for rental properties. The median income of 104,808 dollars provides insight into the economic status of the area, though it doesn't directly correlate with the ability to pay higher rents. The lack of data on days on market (DOM) and the percentage of homes that have had their prices cut (price-cut share) suggests a steady market without significant fluctuations. This stability could be beneficial for landlords and small-portfolio investors looking to maintain consistent cash flows. Given the low renter share and the absence of recent market data, the Section 8 program remains a reliable source of income, ensuring that landlords receive payments even when market conditions are unclear. In conclusion, despite the limited number of renters, the Section 8 program offers a predictable revenue stream, making it a solid investment option in ZIP code 62883.
Section 8 Verdict: A dependable option in a stable but low-renter market.
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.