Location: Warren County, IL | Metro: Henderson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 61462 presents a dynamic rental market with a clear indication that demand may be keeping pace with supply, if not slightly exceeding it. The Fair Market Rent (FMR) set at $920 for the fiscal year 2026 suggests a benchmark for rental prices that landlords can expect to maintain or approach. Currently, the market rent stands at $729, according to the Census American Community Survey, indicating that while rents are below the FMR, there's room for growth without straining affordability.
A notable metric is the price-cut share, which is a mere 0.2%. This low percentage implies that landlords are not frequently reducing their asking prices to attract tenants, a sign that the market is relatively stable and possibly favoring landlords. However, the lack of data on days on market (DOM) makes it challenging to definitively conclude the balance between supply and demand. Nonetheless, the combination of a stable market rent and low price-cut share suggests a tight market where properties are likely rented quickly once they become available.
The median home value in ZIP 61462 is $105,204, a figure that could influence both the rental market and homeownership decisions. With a substantial portion of residents renting—28.5% of the population—the area faces long-term housing pressure. This high renter share could indicate a preference for renting over buying due to factors such as affordability, job stability, or lifestyle choices. It also signals potential challenges for first-time homebuyers who might find it difficult to enter the homeownership market, thus sustaining the demand for rental properties.
In summary, ZIP 61462 operates under conditions where demand appears to be robust, supporting rental prices close to but below the FMR. The low price-cut share and high renter share point towards a market where rental properties are in high demand, providing a favorable environment for landlords and small-portfolio investors. The median home value, while modest, underscores the importance of the rental sector in addressing local housing needs.
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.