Location: Williamson County, IL | Metro: Jackson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,280 |
| 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)
The ZIP code 62902, located within the Williamson County, IL metro, presents several key metrics that can be used to assess its position relative to other ZIP codes in the area. The Fair Market Rent (FMR) for 62902 is set at $880 for fiscal year 2024, while the actual market rent stands slightly higher at $927. This indicates that rental properties in 62902 are priced above the government's benchmark but remain relatively close.
Comparatively, the median home value in 62902 is $188,186, which is likely to be reflective of the overall housing market conditions in Williamson County, IL. However, the renter share in 62902 is notably higher at 23.9%, suggesting a significant portion of the population prefers renting over owning.
To determine whether 62902 is a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we must consider these figures alongside typical metrics for Williamson County, IL ZIP codes. If the average FMR and market rent for Williamson County ZIPs are significantly lower than $880 and $927 respectively, then 62902 would be considered a premium sub-market. Conversely, if the average FMR and market rents are higher, it could indicate that 62902 is a value pocket where rental prices are more affordable compared to the surrounding areas.
A high renter share coupled with below-metro average home values often signifies an area attractive to Section 8 participants. In the case of 62902, the median home value of $188,186 might be lower than the county-wide average, making it a potential sweet spot for landlords participating in the Section 8 program. This combination suggests that 62902 could indeed be a value pocket within the Williamson County, IL metro, offering both affordability and a substantial demand for rental properties.
Landlords and small-portfolio investors should pay attention to these trends when considering investment opportunities in 62902. The slightly elevated market rents over the FMR, combined with a high renter share and potentially lower-than-average home values, present a favorable scenario for those interested in leveraging the Section 8 program to attract tenants.
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.