Location: Hancock County, IL | Metro: Hancock County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 62358 is set to remain stable over the next 12-24 months, given the current median home value of $130,190 and the lack of significant reductions in listing prices. The median days on market (DOM) being N/A suggests that homes are selling relatively quickly, indicating a balanced market where neither buyers nor sellers hold overwhelming pricing power.
On the rental side, the Fair Market Rent (FMR) for ZIP 62358 is projected at $1,040 for the fiscal year 2026. This figure is a strong indicator of the rental demand in the area and aligns closely with the broader metro area's FMR, which is also $1,040. The absence of specific data regarding the current market rental rate (N/A) makes it challenging to compare the future FMR against today's rates, but it does suggest that the rental market will likely maintain its current trajectory, supporting steady cash flows for landlords and small-portfolio investors.
For long-term investors, the setup in ZIP 62358 offers a realistic appreciation thesis based on historical trends and the current economic conditions. The median home value has remained relatively stable, implying that significant appreciation might not be expected in the near term. However, with the rental market showing robust demand, long-term investors can anticipate gradual growth in property values, driven by the consistent demand for rental properties and the potential for increased rental income as the FMR rises.
Investors should focus on the fundamentals of the local economy, including job growth and population stability, to gauge future appreciation potential. Given the current data, the strategy should be to hold onto properties for their steady rental income, with the expectation of moderate appreciation over time.
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.