Location: Randolph County, IL | Metro: Randolph County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 62242 is set against a backdrop of median home values at $150,466, signaling a relatively affordable market for both buyers and investors. The absence of specific percentages regarding listings being reduced and the median days on market (DOM) indicates stability in the housing market, suggesting that neither an overwhelming surplus nor a shortage of homes is driving significant price volatility. This consistency provides a foundation for long-term investment strategies, where the focus shifts from short-term gains to steady, reliable appreciation.
On the rental side, the Forward Monthly Rent (FMR) for ZIP 62242 is projected at $920 for the fiscal year 2026, compared to the current market rate of $791 as reported by the Census Bureau's American Community Survey (ACS). This gap between the forecasted FMR and the current rental rates suggests that there is room for rental growth. Landlords and small-portfolio investors can expect to see gradual increases in rental income over the next 12-24 months, aligning with broader economic trends and inflationary pressures.
The setup implied by the data points towards a market where pricing power remains balanced. Homeowners and investors have the opportunity to leverage the increasing rental values to enhance their returns, particularly if they are considering long-term holding strategies. However, the realistic appreciation thesis is tempered by the stable median home values and the lack of significant changes in listing reductions and DOM. This suggests that while appreciation is likely, it will be modest and consistent rather than explosive.
A prudent approach for landlords and small-portfolio investors would be to maintain properties in good condition to capitalize on the growing rental market. Additionally, keeping a close eye on local economic indicators and any changes in the supply of new homes could provide further insights into potential adjustments in pricing power. In summary, ZIP 62242 presents a market where affordability meets gradual growth, offering a solid platform for those looking to invest in real estate with a focus on sustainable returns.
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.