Location: Macoupin County, IL | Metro: Macoupin County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The ZIP code 62093 presents a dynamic rental market with strong implications for both landlords and small-portfolio investors. The Fair Market Rent (FMR) set at $980 for the fiscal year 2024 indicates a benchmark that landlords should consider when setting rents. However, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $831, suggesting that there is some downward pressure on rents in this area.
The median home value of $71,059 provides insight into the overall property values within the ZIP code, but the lack of data on price-cut share and days on market (DOM) prevents a complete analysis of the current supply-demand balance. Despite these gaps, the 34.1% renter share is a critical figure. This high percentage of renters implies ongoing long-term housing pressure, as a significant portion of the population is unable to secure homeownership. For investors, this suggests a steady demand for rental properties, which can be leveraged to ensure consistent occupancy rates and rental income.
In the context of the rental market, the gap between the FMR and the actual market rent could indicate several things. First, it might suggest that landlords are adjusting their rents to remain competitive, especially if the supply of rental units exceeds demand. Alternatively, it could reflect broader economic conditions affecting the area, such as job availability or wage levels, which influence residents' ability to pay higher rents.
Landlords and investors should also consider the implications of the renter share. With nearly one-third of the population renting, the demand for affordable housing remains robust. This situation creates opportunities for those who can offer well-maintained, reasonably priced rental properties. It also underscores the importance of understanding local demographics and economic trends to effectively manage rental properties and maintain a healthy occupancy rate.
While specific time-series data is not available, the snapshot provided reveals a rental market where landlords must be attentive to the balance between pricing and demand. The difference between the FMR and market rent signals the need for flexibility in pricing strategies, while the high renter share points to sustained demand for rental properties. These factors combine to create a market in motion, where careful management and strategic investment can lead to success.
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.