Location: McDonough County, IL | Metro: Hancock County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,290 |
| 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 ZIP code 62374 presents a dynamic rental market, characterized by a clear gap between the Fair Market Rent (FMR) and the actual market rent. With an FMR set at $1,100 for fiscal year 2026, this figure represents the government's benchmark for determining eligibility for Section 8 housing assistance. However, the current market rent stands at $798, according to the latest Census ACS data. This discrepancy suggests that the market rent is below the FMR, indicating potential areas for growth and investment.
The 27.2% renter share highlights a significant portion of the population that relies on renting as their primary form of housing. In a broader context, this percentage can be seen as a reflection of long-term housing pressures, where a substantial number of residents find it challenging to enter the homeownership market. This dynamic could mean that the area has a steady demand for rental properties, driven by both affordability and accessibility factors.
While specific metrics such as the price-cut share and days on market (DOM) are currently unavailable, the existing data points towards a market where demand might be slightly outpacing supply. The lower-than-FMR market rent could suggest that there is ample rental stock available, but it also indicates a strong need for affordable housing options that align with the FMR standards.
In conclusion, ZIP 62374 offers a rental market ripe with opportunities for landlords and small-portfolio investors who are looking to capitalize on the demand for affordable housing. The gap between FMR and market rent provides a window for adjustments and improvements that could make properties more attractive to Section 8 participants and other renters alike.
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.