Location: Jackson County, IL | Metro: Jackson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
U.S. Census Bureau data (2024)
The ZIP code 62940 is a renter-heavy area with significant potential for Section 8 tenants. With a population of 645, 37.4% of residents are renters, indicating a substantial portion of the community relies on rental housing. This percentage suggests that there is likely deep voucher demand within the ZIP code, making it an attractive location for landlords willing to accept Section 8 vouchers.
The median household income in ZIP 62940 is $64,375, which provides context for understanding the affordability of typical rents. The average market rent of $722 represents approximately 13.7% of the median household income. However, when comparing this figure to the Fair Market Rent (FMR) of $810 for FY 2024, it becomes evident that market rents are below the FMR, offering landlords a competitive advantage in attracting voucher holders.
To further analyze the tenant profile, consider that a landlord in this ZIP code should anticipate tenants who are likely to have incomes at or below 50% of the area median income, which is a requirement for many Section 8 programs. Given the median income of $64,375, potential tenants would typically earn less than $32,187.50 annually. This means that the majority of tenants using vouchers will have their rent capped at around 30% of their income, ensuring that they can afford the average market rent of $722.
In summary, ZIP 62940 offers a strong environment for landlords interested in Section 8 tenants. The high proportion of renters and the fact that market rents are below the FMR indicate a robust demand for subsidized housing. Landlords can expect tenants with incomes significantly lower than the median, relying on vouchers to cover a substantial portion of their housing costs.
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.