Section 8 Fair Market Rent (FMR) for ZIP 62964 - 2027
Location: Pulaski County, IL | Metro: Pulaski County, IL
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $650 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$31,833
A skeptical investor looking into ZIP code 62964 might have several concerns regarding the viability of investing in properties that participate in the Section 8 program. Let's address these concerns with the available data.
- Will FMR $920 (metro FY 2026) cover the mortgage on a N/A home? The Fair Market Rent (FMR) of $920 for ZIP 62964 in fiscal year 2026 is a critical figure for determining whether the rental income can support a mortgage. However, without knowing the average home price in the area, it's impossible to definitively say if this FMR will be sufficient to cover a mortgage payment. Landlords must calculate their expected monthly mortgage costs against this FMR to ensure financial feasibility.
- Is there enough renter demand at 43.0%? With 43.0% of households being renters, there is a moderate level of demand for rental properties in ZIP 62964. This percentage indicates that nearly half of the population is likely to seek rental housing, which is a significant portion. However, the question of whether this demand is sufficient depends on the total number of households and the competition from other rental properties. It's important to consider the local vacancy rates and the overall health of the rental market when assessing demand.
- Will vouchers keep pace with $592 market rents? The current market rent of $592 in ZIP 62964 is below the FMR, suggesting that voucher holders could potentially cover the full rent amount. However, the concern remains whether the value of the vouchers will increase to match any future rise in market rents. Investors should monitor the trends in both voucher values and market rents to predict how well the vouchers will cover the rent in the coming years.
The data provided gives us insight into the rental market dynamics but does not offer a complete picture. For instance, while we know the FMR and the percentage of renters, the lack of specific information on home prices and the historical trend of voucher values complicates a straightforward analysis. Investors must conduct further research to understand the local real estate market thoroughly and make informed decisions.
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.