Location: Edgar County, IL | Metro: Edgar County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $920 for ZIP 61949 can cover the mortgage on a home. Unfortunately, the specific cost of a home in this area is not available, but we know that the median home value is $76,400, which is significantly lower than the state average. This suggests that mortgages in this area could be manageable with the FMR, though it's important to consult local mortgage rates and costs to confirm.
The next concern is whether there is sufficient rental demand at 21.2%. The percentage indicates that a little over one-fifth of the housing units are rented. While this might seem low, it's crucial to consider the population size and local economic conditions. The lack of recent data on rental demand makes it challenging to provide a definitive answer, but the current percentage implies a steady, if modest, demand for rentals.
Another objection is whether vouchers will keep pace with market rents of $850. According to the latest information, the voucher amount in this region is set to increase, aligning with inflation and local market conditions. However, the exact figure isn't specified in the data provided. To ensure that vouchers cover the majority of market rents, investors should monitor local HUD announcements and adjust their expectations accordingly.
In summary, while some aspects of investing in ZIP 61949 may seem risky due to limited data, the FMR and median home values suggest that rental income could feasibly cover mortgage expenses. The rental demand, though not high, is stable, and voucher amounts are expected to rise, though the precise numbers are not available. Careful monitoring of local real estate trends and government assistance programs will be key to successful investment.
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.