Skip to main content
Loading page
Madison County/Saint Jacob/62281

62281

ZIPSAFMR
Madison County, IL
Zillow

ZIP Investment Score

106Above average

095130300
BRFMR
Eff. Rent
0 BR$1,250$1,250
1 BR$1,300$1,300
2 BR$1,590$1,590
3 BR$2,040$2,040
4 BR$2,350$2,350
5 BR$2,703Not available
6 BR$3,108Not available
7 BR$3,574Not available
8 BR$4,110Not available

Purchase Price Calculator

Maximum purchase price
$174,357

Cost breakdown

+Likely effective rent$1,590
HUD FMRUsed$1,590
Market rentN/A
Est. payment standardN/A
-Principal and interest-$882
Loan amount$139,485
Down payment$34,871
Rate6.50%
Term30 years
-Operating costs-$508
Property taxes-$174
Insurance-$175
Utilities$0
HOA$0
Management-$159
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,604(73.4% ROI)
Projected value
$187,763
Return breakdown
Property appreciation+$13,406
Loan principal paid down+$4,997
Rental cash flow+$7,200
5-year hold
+$43,824(125.7% ROI)
Projected value
$197,269
Return breakdown
Property appreciation+$22,912
Loan principal paid down+$8,912
Rental cash flow+$12,000
10-year hold
+$94,070(269.8% ROI)
Projected value
$223,192
Return breakdown
Property appreciation+$48,835
Loan principal paid down+$21,235
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 62281 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 62281 (Saint Jacob, IL) is $1,590 a month. That is up 3.2% from $1,540 in FY 2026. Saint Jacob is in the St. Louis, MO-IL HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 37 ZIP codes in Madison County, 62281 has the highest two-bedroom rent (county range $960–$1,590). The median county two-bedroom FMR in Illinois is $958, so ZIP 62281 is 66% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 62281
BedroomsFY 2027Change90–110% range
Studio$1,250+3.3%$1,125–$1,375
1BR$1,300+3.2%$1,170–$1,430
2BR$1,590+3.2%$1,431–$1,749
3BR$2,040+3.0%$1,836–$2,244
4BR$2,350+2.6%$2,115–$2,585

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 62281
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,250$1,300$1,590$2,040$2,350
FY 2026$1,210$1,260$1,540$1,980$2,290
FY 2025$1,220$1,260$1,560$2,020$2,320
FY 2024$1,180$1,240$1,540$1,990$2,320
FY 2023$930$990$1,240$1,610$1,880

Two-bedroom rent in nearby Madison County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 62281
62095$1,140−28.3%
62097$1,200−24.5%
62201$990−37.7%
62216$1,250−21.4%
62234$1,250−21.4%
62249$1,020−35.8%
62254$1,400−11.9%
62269$1,570−1.3%
62275$1,080−32.1%
62281Current$1,590—
62293$1,110−30.2%
62294$1,350−15.1%

Questions about ZIP 62281 rents

How much will Section 8 pay for a two-bedroom in ZIP 62281?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,590, that basic range is $1,431 to $1,749 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 62281 in?

ZIP 62281 is in the St. Louis, MO-IL HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 62281 for FY 2027?

The two-bedroom FMR rose 3.2%, from $1,540 in FY 2026 to $1,590 in FY 2027. Since FY 2023 it has risen 28.2%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentSaint Jacob, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources