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 ZIP code 62951 is moderately renter-heavy, with 22.2% of the population renting their homes. This indicates a decent demand for rental properties, particularly those that cater to tenants using Section 8 vouchers. With a total population of 5,342, the potential tenant pool is sizable but not overwhelming.
The median household income in this area is $50,657, which provides context for the affordability of housing. The average market rent stands at $943 per month, consuming approximately 22.6% of the median income. This percentage suggests that while rent is a significant portion of income, it is still manageable for most residents.
Comparatively, the Fair Market Rent (FMR) for ZIP 62951 is set at $810 for fiscal year 2024. This means that landlords can potentially charge above the FMR, but they must ensure that rents do not become too burdensome for tenants relying on vouchers. The difference between the market rent and the FMR highlights the premium some landlords might command for desirable units or amenities.
In terms of tenant profiles, landlords in ZIP 62951 should anticipate a mix of individuals and families who rely on Section 8 vouchers. These tenants will have a combined income that typically does not exceed 50% of the area median income. Landlords should prepare for tenants who may have limited financial flexibility beyond their rent payments and be ready to work within the guidelines and regulations associated with the Section 8 program.
To attract and retain Section 8 tenants, landlords must maintain their properties according to HUD standards and be prepared for regular inspections. They should also be aware that the administrative process can sometimes be lengthy, requiring patience and adherence to federal requirements.
Given the income levels and rent costs, landlords in ZIP 62951 should focus on providing affordable yet well-maintained properties to meet the needs of the local tenant base effectively.
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.