Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The dynamics of the ZIP 62220 real estate market, centered in Belleville, IL, suggest a scenario where demand closely follows supply, but with subtle indicators pointing towards a slight imbalance favoring demand. The Fair Market Rent (FMR) for the area, set at $1,110 for fiscal year 2024, aligns closely with the market rent, known as ZORI, which stands at $1,146. This tight correlation between FMR and ZORI implies that rental prices are reflective of what the market can bear, indicating a stable rental environment.
A key metric in assessing market health is the price-cut share, which in ZIP 62220 is just 0.2%. This low percentage signals that few listings are being discounted, suggesting that homes are selling close to their asking prices. Additionally, the days on market (DOM) for properties is a mere 12 days, which is exceptionally low and points to a robust sales pace. These factors combined indicate that demand is likely keeping up with or slightly exceeding supply, creating a market where sellers have an advantage.
The median home value in ZIP 62220 is $151,072, which is relatively modest compared to national averages. This could be indicative of a market where affordability is a driving factor, attracting buyers who might otherwise struggle to find affordable housing options. A significant portion of the population, 37.0%, are renters, which suggests a substantial segment of the community that relies on the rental market. This high renter share can exert long-term pressure on housing availability and pricing, as it reflects a persistent demand for rental units over ownership opportunities.
In summary, ZIP 62220 presents a market where demand appears to be slightly ahead of supply, supported by low price-cut shares and quick sales cycles. The high proportion of renters points to enduring pressure on housing costs, making it a critical consideration for both landlords and small-portfolio investors looking to capitalize on the local real estate trends.
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.