Section 8 Fair Market Rent (FMR) for ZIP 62897 - 2027

Location: Franklin County, IL | Metro: Franklin County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$920
2 Bedrooms	$1,200
3 Bedrooms	$1,580
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

542

Median Household Income

$78,125

Housing Units

211

Renter Percentage

20.2%

Occupancy Rate

86.7%

Renter Occupied

ZIP code 62897, located in Whittington, Illinois, offers a unique market for real estate investors. The area is characterized by a mix of residential properties and a relatively low median home value, making it an interesting option for those looking to invest in affordable housing.

The Fair Market Rent (FMR) for ZIP 62897 is set at $1,180 for a metro area in fiscal year 2026, according to HUD standards.
The average market rent for the area is $967, based on Census American Community Survey data.
The median home value in ZIP 62897 is not available, indicating a lack of comprehensive data on property values within the zip code.
Renters make up 20.2% of the population, suggesting a moderate demand for rental properties.
The median income in the area is $78,125, which can influence the purchasing power of residents and their ability to afford higher rents or mortgage payments.
The number of days on market (DOM) for properties in ZIP 62897 is not available, but the scarcity of listings suggests a competitive market for available properties.

The data indicates that while the median home value is not available, the area's relatively low market rent and high FMR suggest a potential opportunity for rental investments. The median income provides insight into the economic stability of the area, which can support steady rental income. However, the limited number of available properties and the absence of DOM data imply that securing a deal might be challenging due to competition among buyers and investors. Overall, ZIP 62897 presents a niche investment opportunity for those willing to navigate the complexities of the local real estate 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.