Location: Shelby County, IL | Metro: Coles County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The market in ZIP code 61928 presents a dynamic scenario that reflects the ongoing balance between supply and demand. With a Fair Market Rent (FMR) of $940 set for the fiscal year 2026, this figure represents what HUD deems a reasonable rent for the area. However, the actual market rent, as reported by the Census ACS, stands at $585, indicating that rents are currently below the FMR. This suggests a market where supply may be meeting or slightly exceeding demand, leading to lower rental prices.
The median home value in ZIP 61928 is $187,981, which provides insight into the overall cost of homeownership in the area. While this figure alone doesn't reveal the entire story of housing dynamics, it can be inferred that the relatively low median home value might attract potential buyers, thereby putting upward pressure on home prices over time. The data does not provide a percentage for price-cut share or days on market (DOM), which would offer more direct evidence of market trends, but the gap between the FMR and the current market rent suggests that landlords have room to increase their rents without losing tenants, pointing towards a stable demand for rental properties.
The 18.3% renter share highlights an interesting aspect of the local housing landscape. In a community where a significant portion of residents are renters, there is likely to be persistent long-term housing pressure. This pressure arises from the fact that a substantial number of households rely on rental properties, which can lead to increased competition among renters and potentially higher rental rates over time. Landlords and small-portfolio investors should take note of this trend, as it signals a steady demand for rental units in the area.
In summary, ZIP 61928 offers a market characterized by current stability in rental pricing, with the potential for growth as the demand for both rental and ownership properties adjusts to the broader economic environment. The low median home value and the gap between FMR and market rent suggest a balanced market with opportunities for both rental and sale investments.
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.