Section 8 Fair Market Rent (FMR) for ZIP 62982 - 2027
Location: Hardin County, IL | Metro: Hardin County, IL
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $720 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$43,750
When considering whether to invest in ZIP code 62982 for Section 8 properties, follow these steps:
- Does the Fair Market Rent (FMR) of $1,040 clear debt service on a property?
- If yes: Proceed to the next step.
- If no: Do not purchase here. The FMR must cover the cost of debt service to ensure viability of the investment.
- Is the market rent of $440 above, at, or below the FMR?
- If above: This indicates strong demand and potential for higher rents, making the area attractive for Section 8 investments.
- If at or below: Proceed to the third question to assess overall rental demand.
- Are 35.9% of residents renters and does the average number of days on the market (DOM) indicate sufficient demand?
- If the DOM is low and indicates high demand: The combination of a significant percentage of renters and strong demand suggests that ZIP 62982 could be a good investment for Section 8 properties.
- If the DOM is high, indicating low demand: It depends on other factors such as vacancy rates and competition. However, with market rent at $440, which is below the FMR, there may be limited upside potential.
In conclusion, for ZIP 62982, if the FMR of $1,040 clears debt service and the market rent of $440 is competitive, then the area presents a reasonable opportunity for Section 8 investments, given the 35.9% rental rate. However, if the market rent is significantly below the FMR and the DOM is high, further analysis is required before making an investment decision.
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.