Location: Union County, IL | Metro: Johnson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
The ZIP code 62923, located in Alexander County, Illinois, has a unique profile that sets it apart from other areas. With only 441 residents, this ZIP is among the smallest in the state. Despite its small size, 12.4% of the population rents their homes, which is a notable figure considering the lack of detailed data on median home values. The median income here stands at $51,806, providing a baseline for economic conditions.
In terms of Section 8 economics, the Fair Market Rent (FMR) for ZIP 62923 is set at $1,110 for the fiscal year 2024. This compares favorably to the market rent of $1,078, based on the latest Census American Community Survey data. Landlords can expect a slight premium for participating in the Section 8 program, which helps offset the administrative burden and ensures timely rent payments.
The data signature for ZIP 62923 reads as stable. While the population is small, the consistent percentage of renters and the close alignment between FMR and market rents indicate a predictable environment for landlords. Investors should consider the limited scope of the housing market and the potential for a high turnover rate due to the small number of rental units. However, the economic stability suggests that there is little risk of sudden changes in the local rental market dynamics.
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.