Location: Gallatin County, IL | Metro: Gallatin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The ZIP code 62979 represents a modest-sized market with a population of 930 residents. Within this demographic, 17.5% are renters, indicating a smaller but still significant rental segment. The median household income stands at $50,625, which provides a baseline for understanding the financial capabilities of potential tenants.
Given that the market rent averages $667 per month, it consumes approximately 16.5% of the median monthly income, calculated from the annual median income of $50,625. This percentage suggests that the average rent is reasonably affordable for most households in the area, leaving a comfortable margin for other living expenses.
The Federal Market Rent (FMR) for the metro area, set at $930 for FY 2026, is notably higher than the current market rent of $667. This difference implies that there could be a substantial demand for housing supported by Section 8 vouchers, as they can cover a larger portion of the rent compared to what local incomes might typically afford without assistance. Landlords in ZIP 62979 who offer units at or below the FMR will likely attract tenants seeking the benefits of a voucher program.
To determine if this is a renter-heavy ZIP with deep voucher demand, consider the following:
In conclusion, landlords in ZIP 62979 should expect tenants who rely on Section 8 vouchers to manage their housing costs effectively. These tenants will likely have a steady source of income, given the voucher's requirements, and will be seeking affordable housing options that align with their financial aid. Offering properties at competitive rates and meeting the necessary qualifications for the Section 8 program will position landlords favorably in this market.
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.