Location: Jefferson County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The ZIP code 62884 stands out due to its unique combination of economic indicators. With a total population of 2,758 residents, it has a rental rate of 23.6%, indicating a modest demand for rental properties. The median household income in this area is $58,679, which is relatively low compared to the median home value of $98,461, suggesting that homeownership is less accessible for many residents.
Moving to the specifics of Section 8 housing, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $920. However, the current market rent, as per the Census ACS data, is $724. This discrepancy between the FMR and the actual market rent can be advantageous for landlords participating in the Section 8 program. They can potentially receive higher rents through vouchers than what the local market dictates, thus providing a stable source of income despite the lower overall median income levels.
Given the data, ZIP 62884 appears to be in a transitional phase. The relatively high median home value suggests an area where property appreciation might be occurring, yet the rental market remains affordable. This could indicate a shift towards more investment in residential properties, possibly driven by external factors such as new developments or changes in local employment. For small-portfolio investors and landlords, this ZIP code offers an opportunity to leverage the Section 8 program for a reliable income stream, especially if they can acquire properties at below-market rates or if they already own homes in this area. The economic environment, while challenging for some, presents a clear path for those willing to engage with government assistance programs to ensure steady cash flows.
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.