Location: Edgar County, IL | Metro: Clark County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The ZIP code 62423, located within the Edgar County, IL metro, presents an interesting case when compared against typical ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 62423 is set at $970 for fiscal year 2026, which is a key figure for understanding rental dynamics in the area.
While the market rent and home value data for ZIP 62423 are not available, the 12.2% renter share provides insight into the housing market. This percentage is notably higher than the average for many rural areas, suggesting a significant portion of the population prefers renting over owning homes. However, without specific data on the average renter share for other ZIP codes in Edgar County, it's difficult to definitively classify 62423's position relative to its peers.
The absence of market rent and home value data makes direct comparisons challenging. However, given that the FMR is a benchmark used to determine eligibility for Section 8 housing assistance, ZIP 62423's $970 FMR can be considered alongside the general economic conditions of the county. Typically, if a ZIP code has a below-average home value but a relatively high renter share, it could indicate a sweet spot for Section 8 participants looking for affordable housing options.
In the context of Edgar County, IL, ZIP 62423 appears to have a slightly above-average renter share, which might suggest it is attracting individuals who prefer or require rental housing. This characteristic alone does not categorically define it as a value pocket, a mid-tier neighborhood, or a premium sub-market; however, the combination of a defined FMR and a potentially higher-than-average renter share could point towards a value pocket scenario where rental properties are sought after due to their affordability.
To accurately place ZIP 62423 within its metro context, more detailed comparative data would be necessary. Nonetheless, based on the provided figures, the ZIP code stands out for its defined FMR and higher-than-typical renter share, which are indicative of a niche market that could be particularly attractive to those involved in Section 8 housing programs.
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.