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 62942 represents a significant opportunity for landlords focusing on Section 8 tenants. With 32.9% of the population renting, this area qualifies as a renter-heavy ZIP, indicating strong potential demand for rental properties that accept housing vouchers.
The median household income in this ZIP is $36,458, which places it below the national average. Given the market rent of $682, we can calculate that typical rent consumes approximately 19.3% of the local median income. This is derived from dividing the annualized market rent ($682 * 12 months = $8,184) by the median household income ($36,458), resulting in 0.224 or 19.3%. This figure suggests that rent is relatively affordable compared to the average income, making it easier for tenants to cover their living expenses beyond rent.
Comparing the market rent to the Fair Market Rent (FMR) of $840, as set for FY 2024, landlords in ZIP 62942 have an advantage. The lower market rent means that properties here are likely to be underpriced relative to the FMR, potentially allowing landlords to charge closer to the FMR without exceeding what voucher holders can afford. This could translate into higher rental income for landlords while still being within the acceptable range for Section 8 vouchers.
A landlord in this ZIP should expect tenants who rely heavily on housing vouchers to manage their living costs. These tenants will typically have limited disposable income, making affordability a key factor in choosing a rental property. They are likely to appreciate well-maintained, safe, and cost-effective housing options. Landlords should also be prepared for the administrative requirements associated with accepting Section 8 vouchers, including background checks and income verification processes.
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.