Section 8 Fair Market Rent (FMR) for ZIP 62962 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 62962, located in Illinois, is a rural area that offers unique opportunities for real estate investors interested in the Section 8 housing market. The area's modest size and population density create a niche environment where rental properties can be particularly attractive to low-income families seeking stable housing solutions.

• The Fair Market Rent (FMR) for a one-bedroom apartment in ZIP 62962 for fiscal year 2024 is set at $900. This figure provides a benchmark for rental pricing in the area.
• Market rent data is currently unavailable for ZIP 62962, indicating a potential lack of robust rental market activity or reporting.
• The median home value is also not available, which might suggest a limited number of homes sold recently or a predominance of rentals over owned homes.
• The percentage of renters in the area is not specified, but it's crucial for understanding the demand for rental properties.
• The days on market (DOM) data is not available, making it difficult to assess how quickly properties are being leased.
• The median household income for the area is not available, which would typically help gauge the economic conditions and potential tenant pool.

In summary, while there is a defined Fair Market Rent for Section 8 participants, the lack of specific data points such as market rent, median home values, and income levels makes it challenging to fully evaluate the investment potential. Landlords and small-portfolio investors should focus on the established FMR as a starting point and consider conducting further local research to understand the rental dynamics and economic climate of ZIP 62962.

Data Sources: FMR data from HUD (2027).

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.