Location: McDonough County, IL | Metro: Fulton County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The ZIP code 61482 presents a dynamic rental market with specific characteristics that can inform investment decisions. The Fair Market Rent (FMR) for the area is set at $820 for the fiscal year 2024, indicating a benchmark for rental prices established by HUD. In contrast, the actual market rent, as reported by the Census American Community Survey (ACS), stands at $794. This suggests that while there might be some downward pressure on rents, the market is still relatively stable, with rental prices close to the government's fair market assessment.
The 8.9% renter share provides insight into the local housing landscape. A lower percentage of renters compared to homeowners implies a market with less immediate demand for rental properties, but it also points to long-term housing pressure. As the population grows or changes, the need for rental units could increase, making ZIP 61482 a potentially attractive investment for those looking to capitalize on future shifts in the housing market.
Despite the snapshot data being incomplete regarding price-cut share and days on market (DOM), the proximity of the FMR to the market rent suggests a balanced market. However, the slight discrepancy between the two figures hints at a scenario where supply slightly outpaces demand, as landlords may need to offer competitive pricing to attract tenants. This balance is crucial for maintaining steady occupancy rates and rental income.
In summary, ZIP 61482 operates under a stable yet evolving rental environment. With a FMR of $820 and a market rent of $794, the market reflects a modest level of competition among landlords. The low renter share indicates a predominantly owner-occupied community, which could shift towards higher rental demand over time. For landlords and small-portfolio investors, understanding these dynamics is key to positioning properties effectively and anticipating future trends without speculating on exact outcomes.
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.