Location: Vermilion County, IL | Metro: Vermilion County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,330 |
| 5 Bedrooms | $1,543 |
| 6 Bedrooms | $1,728 |
| 7 Bedrooms | $1,866 |
| 8 Bedrooms | $1,959 |
U.S. Census Bureau data (2024)
The real estate market in ZIP 61858 is poised for stability rather than rapid growth over the next 12-24 months, based on key indicators such as the median home value and rental market dynamics. The current median home value stands at $161,394. This figure suggests that the area remains relatively affordable, attracting first-time buyers and investors looking for entry-level properties.
Despite the median home value, the lack of data regarding the percentage of listings that have been reduced and the median days on market (DOM) indicates a balanced market with neither significant upward nor downward pressure on home values. This balance can be attributed to steady demand and supply, without substantial shifts that would typically drive prices either up or down.
On the rental side, the Fair Market Rent (FMR) for ZIP 61858 is set at $900 for fiscal year 2024, compared to the current market rent of $763 according to the Census ACS. This gap signals potential for rental income growth, as landlords may gradually increase rents towards the FMR level. However, the actual pace of this adjustment will depend on local economic conditions and the rate of inflation.
For long-hold investors, the setup implies a moderate appreciation thesis. Given the stable home value and the gradual increase in rental rates, the overall investment climate supports a slow but steady growth in property values. However, it's important to note that the lack of specific historical data on price reductions and DOM suggests that while appreciation is possible, it is unlikely to be dramatic. Instead, investors should anticipate a conservative growth rate, consistent with broader regional trends.
In summary, the median home value, combined with the balanced listing and DOM data, points to a market where pricing power will remain relatively stable. Rental dynamics present an opportunity for modest income growth, aligning with a realistic appreciation thesis for long-term investors. The absence of significant market pressures in either direction indicates a need for patience and strategic planning to capitalize on the gradual improvements in both home value and rental yields.
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.