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Morgan County/Concord/62631

62631

ZIPSAFMR
Morgan County, IL
Zillow

ZIP Investment Score

112Above average

095130300
BRFMR
Eff. Rent
0 BR$760$760
1 BR$900$900
2 BR$1,090$1,090
3 BR$1,400$1,400
4 BR$1,810$1,810
5 BR$2,082Not available
6 BR$2,394Not available
7 BR$2,753Not available
8 BR$3,166Not available

Purchase Price Calculator

Maximum purchase price
$100,057

Cost breakdown

+Likely effective rent$1,090
HUD FMRUsed$1,090
Market rentN/A
Est. payment standardN/A
-Principal and interest-$506
Loan amount$80,046
Down payment$20,011
Rate6.50%
Term30 years
-Operating costs-$384
Property taxes-$100
Insurance-$175
Utilities$0
HOA$0
Management-$109
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$17,761(88.8% ROI)
Projected value
$107,751
Return breakdown
Property appreciation+$7,693
Loan principal paid down+$2,868
Rental cash flow+$7,200
5-year hold
+$30,262(151.2% ROI)
Projected value
$113,205
Return breakdown
Property appreciation+$13,148
Loan principal paid down+$5,114
Rental cash flow+$12,000
10-year hold
+$64,210(320.9% ROI)
Projected value
$128,081
Return breakdown
Property appreciation+$28,024
Loan principal paid down+$12,186
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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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
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Tax rate
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Mortgage rate
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ZIP 62631 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 62631 (Concord, IL) is $1,090 a month. That is up 3.8% from $1,050 in FY 2026. Concord is in the Morgan County, IL non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $930. Among 18 ZIP codes in Morgan County, 62631 is tied for the 5th-highest two-bedroom rent (county range $930–$1,280). The median county two-bedroom FMR in Illinois is $958, so ZIP 62631 is 14% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 62631
BedroomsFY 2027Change90–110% range
Studio$760+5.6%$684–$836
1BR$900+3.4%$810–$990
2BR$1,090+3.8%$981–$1,199
3BR$1,400+2.2%$1,260–$1,540
4BR$1,810+2.8%$1,629–$1,991

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 62631
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$760$900$1,090$1,400$1,810
FY 2026$720$870$1,050$1,370$1,760
FY 2025$660$800$960$1,250$1,580
FY 2024area FMR$553$614$807$1,000$1,234
FY 2023area FMR$548$607$799$1,005$1,231

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Morgan County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 62631
62601$1,020−6.4%
62611$1,020−6.4%
62612$1,0900.0%
62621$970−11.0%
62628$1,210+11.0%
62631Current$1,090—
62638$1,150+5.5%
62650$930−14.7%
62651$930−14.7%
62665$930−14.7%
62667$930−14.7%
62668$990−9.2%

Questions about ZIP 62631 rents

How much will Section 8 pay for a two-bedroom in ZIP 62631?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $930, which applies unless the housing authority uses Small Area FMRs, that basic range is $837 to $1,023 a month; under the ZIP-level Small Area FMR of $1,090 it would be $981 to $1,199. 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 62631 in?

ZIP 62631 is in the Morgan County, IL non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $930.

How much did fair market rent change in ZIP 62631 for FY 2027?

The two-bedroom FMR rose 3.8%, from $1,050 in FY 2026 to $1,090 in FY 2027. Since FY 2025 it has risen 13.5%.

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 rentConcord, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources