Location: Union County, IL | Metro: Jackson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 62920 in fiscal year 2024 is set at $930. This figure represents the payment standard for Section 8 vouchers, which means that if a tenant uses a voucher, the landlord will receive up to $930 per month from the government to cover the rent. However, it's important to note that this does not necessarily mean your property's rent should be set at $930; rather, it sets an upper limit for what the government will pay.
To put this into perspective, the average rent in ZIP 62920, according to recent Census American Community Survey (ACS) data, is around $600. This suggests that the FMR is higher than the typical market rate, which can be advantageous for landlords participating in the Section 8 program as they might receive more than the local average rent.
The demand for rental properties in this area is relatively high, with 13.8% of residents being renters. This indicates that there is a steady pool of potential tenants who could benefit from Section 8 assistance. Additionally, the median household income in ZIP 62920 is approximately $197,480, but this figure pertains to homeowners. For renters, particularly those relying on Section 8, the income levels are likely lower, making affordable housing options crucial.
If you're considering acquiring a property for a Section 8 rental in ZIP 62920, you should be aware that the typical home price is around $197,480. This is a significant investment, and while the FMR provides a higher rent ceiling, it's essential to ensure that the property meets all necessary requirements for the Section 8 program. One key aspect to verify is that the unit must pass a Housing Quality Standards (HQS) inspection, which checks for basic livability and safety conditions. This verification step is crucial before proceeding with any purchase, as failing to meet these standards can lead to disqualification from the program and financial loss.
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.