Section 8 Fair Market Rent (FMR) for ZIP 62973 - 2027

FY 2027 Fair Market Rent Rates

The investment risk assessment for ZIP code 62973 in Unknown, IL, for Section 8 landlords and small-portfolio investors highlights several potential issues that could arise. Firstly, tenant turnover is a significant concern due to the lack of data on market rent compared to the $920 Fair Market Rent (FMR) for fiscal year 2026 in the metro area. This disparity can lead to difficulties in attracting and retaining tenants who qualify for the program.

Vacancy exposure is another critical factor, as there is no data available on the days on market (DOM) for properties in this ZIP code. Without this information, it's challenging to predict how long a property might remain vacant, which directly impacts cash flow and profitability.

Deferred maintenance exposure is also a risk, given the absence of data on typical home values and median incomes in the area. High levels of deferred maintenance can lead to increased repair costs and potential safety hazards, both of which can affect the desirability of a property and the likelihood of it being rented out.

However, these risks must be weighed against the high proportion of renters in the area, indicated by the N/A% renter share. A high renter density typically correlates with higher demand for rental properties, including those that accept Section 8 vouchers. This suggests that while individual risks exist, the overall demand for affordable housing could mitigate some of these concerns.

Verdict: Moderate risk for a first-time Section 8 landlord in ZIP code 62973, Unknown, IL.

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.