Location: Montgomery County, IL | Metro: Montgomery County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,110 |
| 4 Bedrooms | $1,280 |
| 5 Bedrooms | $1,485 |
| 6 Bedrooms | $1,663 |
| 7 Bedrooms | $1,796 |
| 8 Bedrooms | $1,886 |
U.S. Census Bureau data (2024)
The ZIP code 62032 presents a dynamic rental market that is currently underpinned by a significant gap between the Fair Market Rent (FMR) and the actual market rent. With an FMR set at $920 for the fiscal year 2026, it's clear that the federal guidelines aim to reflect a higher rent standard compared to the current market rent of $663, as reported by the Census ACS.
This disparity suggests that there might be an oversupply of rental units relative to demand, as landlords may need to offer lower rents to attract tenants. However, the lack of specific data on price-cut shares and days on market (DOM) makes it challenging to definitively conclude whether supply consistently outpaces demand or vice versa. The median home value of $147,420 indicates that homeownership is relatively affordable in this area, which could contribute to the rental market dynamics by offering an alternative to renting for those who can afford to purchase.
A key factor in understanding the long-term housing pressure is the 20.6% renter share. This percentage implies that a notable portion of the population relies on rental housing, which can create sustained demand for rental properties. Over time, this demand could exert upward pressure on rents if the number of renters increases while the supply of rental units remains stable or decreases. Conversely, if the supply of rental units grows, it could mitigate any upward pressure on rents, keeping them stable or even leading to a slight decrease.
The interplay between these factors—rental pricing, homeownership affordability, and the renter share—defines the market in ZIP 62032 as one in constant motion. Landlords and small-portfolio investors must remain vigilant to changes in these dynamics, as they will influence both the occupancy rates and the potential profitability of rental properties in this area.
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.