Location: Union County, IL | Metro: Union County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
ZIP code 62961, located within Union County, IL, presents a unique profile when compared against typical ZIP codes in the same county. The Fair Market Rent (FMR) for 62961 is set at $920 for fiscal year 2026, which is a critical figure for landlords and investors involved with Section 8 housing. This FMR aligns closely with the broader county standards, indicating that 62961 is likely a mid-tier neighborhood in terms of rental costs.
The absence of specific market rent and home value data for ZIP 62961 makes direct comparisons challenging; however, the zero percent renter share suggests that very few properties in this area are rented out. This low renter share contrasts sharply with the higher FMR, implying that while the area has established rental cost guidelines, it is predominantly owner-occupied. Such a scenario can be indicative of a less competitive rental market, potentially making it less attractive for landlords seeking to maximize their investment through rental income.
Despite the lack of detailed market rent and home value data, the combination of an FMR of $920 and a 0.0% renter share points towards a value pocket rather than a premium sub-market. In a typical Union County, IL ZIP code, one might expect a higher renter share, reflecting a more active rental market. The absence of renters could suggest lower demand for rentals, possibly due to the predominance of owner-occupied homes or other local factors.
To summarize, ZIP 62961 appears to be a mid-tier neighborhood with respect to rental costs but is characterized by a low renter share, making it a value pocket rather than a premium sub-market. Landlords and investors should consider these dynamics carefully before making decisions in this area.
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.