Location: Union County, IL | Metro: Jackson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
U.S. Census Bureau data (2024)
The median income in ZIP code 62905 stands at $52,875, which makes it challenging for many households to afford the market rate rent of $729 per month based on Census ACS data. However, when comparing this to the Fair Market Rent (FMR) standard set at $880 for the fiscal year 2024, it becomes evident that the gap between what renters can afford and the actual market rates is significant. This discrepancy highlights a potential challenge for landlords aiming to attract tenants who might struggle with the higher market rates.
With 26.6% of the 779 residents being renters, there is a notable segment of the population looking for housing options. The affordability gap means that landlords will likely face stiff competition from those willing to accept lower rents or offer more attractive terms to secure tenants. Given the median income level, many renters might be more inclined towards seeking housing assistance through vouchers, which cover up to $880 per month under the FMR guidelines.
For landlords considering their rental strategies, focusing on voucher acceptance could provide a competitive edge in attracting and retaining tenants. While the $880 voucher payment is higher than the market rate of $729, it ensures a steady stream of income and reduces the risk of vacancies. Accepting vouchers can also open up the property to a broader pool of potential tenants, increasing occupancy rates and stability.
In summary, landlords in ZIP code 62905 should consider the financial realities faced by local renters and the benefits of accepting housing vouchers. It presents an opportunity to align with the economic conditions of the area while securing reliable tenants. This strategy could prove advantageous in a competitive rental market where affordability is a key concern for many households.
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.