Location: Williamson County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,310 |
| 5 Bedrooms | $1,520 |
| 6 Bedrooms | $1,702 |
| 7 Bedrooms | $1,838 |
| 8 Bedrooms | $1,930 |
U.S. Census Bureau data (2024)
A household in ZIP code 62896, with a median income of $55,458, faces significant challenges in affording the market rate rent of $681 per month according to Census ACS data. This suggests that the average renter might struggle to meet the cost without financial strain, given that housing expenses should typically be around 30% of one’s income for affordability.
The situation becomes even more critical when comparing the market rate to the Fair Market Rent (FMR) standard set at $830 per month for zip code 62896 in fiscal year 2024. This means that the actual market rate is below the voucher payment standard, indicating that landlords who accept vouchers could potentially receive higher rent payments than the market rate alone. However, this also highlights an affordability gap where the median income is significantly lower than both the market rate and the FMR.
With 27.6% of the 10,627 population being renters, competition among landlords could be fierce. The affordability gap implies that many renters might be looking for subsidies or assistance to cover their housing costs, making properties that accept vouchers highly attractive. Landlords who do not accept vouchers might find themselves competing against those who do, which could impact their ability to fill vacancies.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting vouchers can provide a steady and often higher source of rental income. While cash-paying tenants might offer convenience, the reality of the affordability gap in ZIP 62896 suggests that vouchers can be a reliable option for maintaining occupancy rates and securing consistent revenue.
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.