Location: Randolph County, IL | Metro: Jackson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 62907 stands out due to its unique demographic and economic characteristics. With only 2,013 residents, it has a low population density, yet 10.9% of these residents rent their homes. The median income in this area is relatively high at $84,293, while the median home value is significantly higher at $174,535. This suggests that homeownership is a priority for many in the community, possibly due to the stability and wealth associated with the higher median income.
Moving to the specifics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 62907 in fiscal year 2024 is set at $880. In contrast, the average market rent, based on Census ACS data, is $467. This substantial gap between FMR and actual market rents indicates that landlords participating in the Section 8 program can expect higher rental incomes compared to the local market rate. The disparity also highlights the potential demand for subsidized housing in the area, which could be beneficial for landlords who choose to accept vouchers.
Evaluating the overall data signature of ZIP 62907, it reads as stable. The high median income and median home value suggest a robust local economy and a preference for homeownership among residents. However, the presence of Section 8 vouchers and the relatively low percentage of renters indicate that there is a segment of the population that may benefit from rental assistance. For small-portfolio investors and landlords, this ZIP code presents an opportunity to tap into a market where rental subsidies can provide a steady and above-average income stream.
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.