Location: Marion County, IL | Metro: Fayette County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
The analysis for ZIP code 62892 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area in fiscal year 2026 is set at $1,060, while the Census ACS data indicates that the market rent is $625. This means there is a $435 difference, which translates into a 69.5% gap when comparing the market rent to the FMR.
In this scenario where the FMR exceeds the market rent, landlords and small-portfolio investors can capitalize on the situation by renting to voucher tenants. The higher FMR ensures that the government will cover the rent up to the specified amount, making it a lucrative yield play. Landlords can expect steady, reliable income from the Housing Choice Voucher program without the risk of vacancy or delinquency typically associated with open-market rentals.
ZIP 62892 has a rental population of 14.5%, indicating a modest but present demand for rental properties. Despite the lack of data on the median home value, the median income stands at $75,417, providing insight into the economic conditions of the area. Given these figures, landlords should be aware that while voucher tenants provide financial security, the overall rental market may not be as robust compared to areas with a higher percentage of renters.
To summarize, the gap between FMR and market rent in ZIP 62892 makes it an attractive area for landlords willing to accept housing vouchers. This strategy can lead to higher yields than what the open market currently offers, especially considering the relatively low market rent and the economic stability indicated by the median income figure.
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.