Location: Henderson County, IL | Metro: Henderson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
The ZIP code 61460 presents a unique snapshot of the rental market, characterized by specific dynamics that frame it as a market in motion. With the Fair Market Rent (FMR) set at $920 for the fiscal year 2026, it becomes evident that the rental landscape here is defined by government standards, which often serve as a benchmark for affordability and market rates.
The lack of available market rent data suggests that either the market is relatively stable, closely following the FMR, or that there is limited variability between the FMR and actual rents charged. This could indicate a tightly regulated or controlled market, where landlords adhere closely to the FMR guidelines, possibly due to high competition or a strong presence of subsidized housing.
The absence of data on the percentage of listings that require a price cut and the days on market (DOM) implies that either the listings are sold quickly at the asking price, or the market is relatively new and lacks comprehensive historical data. In either case, this points towards a market where demand might be steady or slightly outpacing supply, but without definitive evidence, it's challenging to draw firm conclusions.
The 8.2% renter share provides insight into the long-term housing pressures within ZIP 61460. A lower renter share typically indicates a preference for homeownership over renting, suggesting that the area might have a higher concentration of owner-occupied homes. However, even a small renter share can exert significant pressure on the rental market, especially if these renters represent a growing segment of the population. The stability or growth of this renter share will influence the demand for rental properties, potentially creating a scenario where rental properties become increasingly sought after as the population evolves.
In summary, ZIP 61460 is a market where the dynamics suggest a balance between supply and demand, leaning towards a slight favoring of demand. The adherence to FMR and the low renter share provide a foundational understanding of the market, but deeper analysis would require more detailed data on listing behaviors and market trends. Landlords and small-portfolio investors should pay close attention to the evolving demographics and economic conditions to anticipate shifts in the rental market dynamics.
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.