Location: Adams County, IL | Metro: Adams County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 62324 presents a dynamic rental market characterized by a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR set at $1,070 for fiscal year 2026 is notably higher than the current market rent of $675, suggesting that there is ample room for rental price increases to align with government standards. This discrepancy implies that the rental market in this area is currently underpriced relative to what might be expected based on broader regional economic indicators.
The median home value of $167,878 indicates a relatively affordable housing market, which could attract both renters and buyers. However, the 13.8% renter share suggests that the majority of residents in ZIP 62324 own their homes, which contrasts with areas experiencing higher housing pressures where renting becomes more prevalent. Despite this low renter percentage, it's important to note that any increase in the number of renters can put upward pressure on rents if the supply of rental units remains limited. The lack of data on price-cut share and days on market (DOM) makes it challenging to assess the exact balance between supply and demand, but the lower-than-FMR market rent suggests a possible surplus of rental units or strong competition among landlords to attract tenants.
In summary, ZIP 62324 offers an interesting mix of affordability and potential for growth in rental prices. Landlords should monitor local economic conditions and tenant preferences closely, as the current market rent is significantly below the FMR, indicating a possible opportunity for gradual price adjustments. For small-portfolio investors, the area's median home value and the relatively low renter share suggest a stable market with room for strategic investment, particularly in rental properties that could capitalize on future economic developments.
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.