Location: Pope County, IL | Metro: Massac County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
A household in ZIP code 62910, with a median income of $59,514, faces significant challenges in affording the market rate rent of $831. This figure comes directly from the Census ACS data, which indicates that the cost of living is already quite high relative to the average earnings in the area.
The situation becomes even more strained when considering the Fair Market Rent (FMR) set at $980 for metro FY 2026, which is significantly higher than the current market rate. This suggests that the rental market could potentially increase in cost, further stretching the financial capabilities of local residents.
With only 19.5% of the 1,993 population being renters, the competition among landlords is likely to be fierce. The limited number of renters means that landlords must carefully consider their pricing strategies to attract tenants without pricing themselves out of the market.
The disparity between median income and both the current market rate and the projected FMR highlights a substantial affordability gap for renters. Landlords need to weigh the benefits of accepting Section 8 vouchers, which guarantee payments up to the FMR level, against the potential ease of managing cash-paying tenants who might struggle to meet even the current rates.
The takeaway for landlords is clear: accepting Section 8 vouchers can provide a steady stream of guaranteed income, aligning with the higher FMR standards. However, this strategy also involves navigating the administrative requirements of the program. For those who prefer simplicity and direct tenant management, focusing on cash-paying tenants may require setting more competitive rates that reflect the local income levels, ensuring a balance between profitability and accessibility.
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.