Location: De Witt County, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
U.S. Census Bureau data (2024)
The ZIP code 61882 presents a dynamic rental market, influenced by the interplay between supply and demand. The Fair Market Rent (FMR) for the area stands at $1050 for the fiscal year 2024, while the actual market rent, according to Census ACS data, is lower at $800. This suggests that landlords may have some flexibility in pricing, indicating a market where supply slightly outpaces demand.
The median home value in the area is $131,138, which is relatively low compared to national averages. This could imply that homeownership is accessible to many residents, but the 13.5% renter share points to an ongoing need for rental properties. Despite the low median home value, a significant portion of the population chooses to rent, signaling potential long-term housing pressures due to affordability or lifestyle preferences.
The lack of data on price-cut share and days on market (DOM) prevents a detailed analysis of recent trends, but the overall picture suggests a stable rental environment. Landlords can expect steady occupancy rates, though they may face competition from other rental units, especially those priced closer to the market rent rather than the higher FMR.
Investors looking to enter this market should consider the balance between rental income and potential capital appreciation. With a median home value that is below average, there's a chance for property values to rise if economic conditions improve or if there's an influx of new residents seeking affordable housing options.
In summary, ZIP 61882 offers a rental market where supply meets demand at a level slightly above what is necessary for high occupancy rates. The low median home value and modest renter share indicate a community that is both homeowner-friendly and has a consistent need for rental properties, making it a viable option for small-portfolio investors and landlords.
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.