Location: Edgar County, IL | Metro: Douglas County, IL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $930 | $75,564 | 1.23% | A |
| 3BR | $1,230 | $134,434 | 0.91% | C |
U.S. Census Bureau data (2024)
The market in ZIP 61942, Newman, IL, is characterized by a median home value of $98,336. This figure provides a baseline for the housing stock in the area. The Fair Market Rent (FMR) for the metro area, set at $920 for fiscal year 2026, is slightly higher than the current market rent of $833, according to the Census ACS data. This suggests that there might be upward pressure on rental rates, aligning with future expectations.
The absence of data on the percentage of price-cut share and days on market (DOM) indicates that the market is stable but lacks recent volatility or rapid turnover insights. However, the 11.5% renter share is noteworthy. It implies that a relatively small portion of the population rents their homes, which could mean that homeownership is prevalent in Newman, IL. Despite this, the significant gap between the FMR and the current market rent suggests that there is room for growth in the rental market, driven by factors such as affordability and demand for rental properties.
The median home value being notably lower than the FMR also points towards potential long-term housing pressure. With a high proportion of homeowners, any increase in rental rates could lead to more individuals seeking to purchase homes rather than rent, thereby increasing demand for affordable housing options. This dynamic can push property values and rents upwards over time, especially if the local economy strengthens or if there is an influx of new residents.
In summary, while the current snapshot of the Newman, IL market shows a balance between homeownership and rental demand, the upward trend in rental rates and the low median home value suggest a market where demand could soon outpace supply. Landlords and small-portfolio investors should closely monitor these indicators as they may signal future opportunities and challenges in the local real estate landscape.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.