Location: Randolph County, IL | Metro: Randolph County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 62297 in Randolph County, Illinois, reveals key insights for potential real-estate investments.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,160. However, due to the lack of available market rent data, it's impossible to make a direct comparison. This absence suggests that local rental pricing may not be well-documented or could be subject to significant variation.
Regarding the affordability of acquisition, the median home value stands at $206,181, which is relatively low. Unfortunately, there is no data on days on market (DOM) or the percentage of homes that have had their prices cut, making it difficult to assess how quickly properties sell or if they require price reductions to attract buyers. Despite these gaps, the lower median home value indicates that acquiring property in this area would likely be financially feasible for many investors.
Tenant demand can be gauged by looking at the local demographics. With a total population of 158, the renter share is 20.3%. This means there are approximately 32 renters in the area. While the number of potential tenants is limited, the renter share suggests that there is a consistent demand for rental housing relative to the size of the community.
Verdict: The investment opportunity in ZIP 62297 presents a mix of favorable and uncertain factors. The low median home value makes acquisitions affordable, but the lack of detailed market rent data introduces uncertainty into the rent pricing strategy. Tenant demand is modest but steady, given the high renter share in a small population. For landlords and small-portfolio investors willing to navigate the uncertainties of a less documented market, this area offers a financially accessible entry point into real estate ownership.
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.