Location: Williamson County, IL | Metro: Williamson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 62949 in fiscal year 2024 is set at $910. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the actual rent you will receive; it's the benchmark used by the government to determine the maximum rent subsidy for tenants.
To put this into perspective, the average rent for properties in ZIP 62949, according to recent Census data, is around $382. This means that the FMR is significantly higher than the typical market rate, which could be beneficial for landlords participating in the Section 8 program.
The percentage of renters in ZIP 62949 is 46.0%, indicating a substantial demand for rental housing. This high renter share suggests that there are many potential tenants who might be interested in your property, particularly those seeking affordable housing options through the Section 8 program.
Regarding the acquisition cost of properties in this ZIP code, the data is marked as N/A, which implies that there isn't enough specific information available to provide an accurate average cost. However, you should conduct your own research on property values and costs in the area to ensure that the potential income from a Section 8 rental aligns with your investment goals.
Before committing to a Section 8 rental, one key thing to verify is the condition of your property. The Housing Quality Standards (HQS) must be met, which includes ensuring that the home is safe, decent, and sanitary. This is crucial because failing to meet these standards can result in penalties or even removal from the program.
In summary, the FMR of $910 provides a clear guideline for the maximum rent subsidy in ZIP 62949, which is notably higher than the average local rent of $382. With 46.0% of residents being renters, there is a strong demand for rental units, making Section 8 a viable option for landlords. Just ensure that your property meets the necessary HQS requirements to avoid any issues down the line.
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.