Location: Jackson County, IL | Metro: Jackson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 62927 within the Jackson County, IL metro area highlights several key factors influencing investment decisions. The HUD Fair Market Rent (FMR) for the fiscal year 2024 is set at $1020, which serves as a benchmark for rental pricing in this area.
However, the lack of available market rent data means that direct comparisons cannot be made. In the absence of market rent figures, it's critical to assess how voucher tenants fare at the HUD FMR. Given the FMR of $1020, voucher tenants would typically cashflow, meaning they can cover the rent without additional financial strain. This scenario is most favorable when the local market rent is below the FMR, ensuring landlords receive the full subsidy amount.
The median home value in ZIP 62927 is also not available, making it challenging to derive an accurate rent-to-price ratio. However, this ratio is crucial for understanding the broader housing market dynamics. A low rent-to-price ratio suggests that buying might be more attractive than renting, but without specific figures, such conclusions cannot be drawn definitively.
Regarding the days on market (DOM) and price-cut share, both metrics are listed as N/A. These indicators are important for assessing the speed at which properties sell and the frequency of price reductions, respectively. In the context of Section 8 investing, these factors can influence the type of units that might attract voucher tenants. If the DOM is short and few sellers need to cut prices, it indicates a strong seller's market, which could make it easier to find tenants willing to pay the FMR.
In conclusion, based on the HUD FMR of $1020, voucher tenants in ZIP 62927 would generally cashflow, providing a stable income source for landlords. The strongest investor angle here is likely cashflow, given the predictability of rental income through the Section 8 program, despite the lack of detailed market data.
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.