Location: Pike County, IL | Metro: Adams County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The ZIP code 62314 presents a dynamic rental market influenced by the interplay between Fair Market Rent (FMR) and actual market rents. The FMR set at $950 for the fiscal year 2026 indicates a benchmark that landlords can use to gauge their rental pricing. However, the current market rent stands at $744, based on recent Census ACS data, suggesting that actual rents are below the FMR. This gap could imply either a market adjustment phase or an undersupply of affordable housing units relative to what the government deems fair.
The median home value in the area is $125,092, which is relatively low compared to national averages. This figure suggests that homeownership might be accessible to a broader segment of the population, but it also raises questions about the quality and desirability of homes in the area. The lack of data on price-cut share and days on market (DOM) for rentals means we cannot definitively conclude whether there's an excess supply or demand in the rental market, but the lower-than-FMR rental rates hint at a possible surplus of rental properties.
A key indicator of long-term housing pressure is the 33.6% renter share. In ZIP 62314, nearly one-third of residents are renters, indicating a significant portion of the population is not purchasing homes. This high renter share could reflect affordability issues, preference for renting, or both. It signals sustained demand for rental properties, which is crucial for landlords and small-portfolio investors looking to capitalize on the rental market dynamics. With a substantial number of residents choosing to rent, landlords can expect a steady flow of potential tenants, although the exact balance of supply and demand remains unclear without additional time-series data.
In summary, ZIP 62314 offers a rental market that is currently priced below the government's FMR, suggesting a possible oversupply or a market adjustment period. The low median home value and high renter share indicate a mixed environment where homeownership is accessible but renting remains a prevalent choice among residents. For investors, this translates into a market with consistent rental demand, albeit with some uncertainty regarding the precise supply-demand ratio.
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.