Location: Franklin County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,250 |
| 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 Fair Market Rent (FMR) for ZIP code 62999 in the fiscal year 2026 is set at $920. This figure represents the payment standard for Section 8 housing vouchers, which means that if you participate in the program, the Housing Authority will pay up to $920 per month toward the rent of your property. However, this does not determine the rent you can charge; it sets an upper limit on the portion of rent covered by the voucher.
To understand the local market, consider that the average rent in ZIP 62999, according to recent Census data, is also $920. This parity between the FMR and the actual average rent suggests that participating in Section 8 could allow you to maintain your current rental income levels without significant adjustments.
In ZIP 62999, 23.2% of residents are renters. This indicates a moderate demand for rental properties, meaning there is a reasonable pool of potential tenants who might be eligible for Section 8 vouchers. With a median household income of $50,186, the typical homeowner in this area has a higher income level than most renters, suggesting that many residents rely on affordable housing options such as Section 8.
When acquiring a new rental property in this area, you should expect to invest around $50,186 based on the median income figures, though actual property costs can vary widely. The median income provides a benchmark for understanding the economic landscape and the purchasing power of the average resident.
Before deciding to take on a Section 8 rental, verify that your property meets all the required standards for habitability and safety. The Housing Authority conducts inspections to ensure that homes are up to code, so confirming compliance ahead of time will save you from costly surprises down the line.
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.