Location: Jasper County, IL | Metro: Clay County, IL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $790 | $247,389 | 0.32% | F |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 62424 suggests a balanced market for the next 12-24 months, anchored by a median home value of $235,553. This figure represents the typical price point for homes in the area, providing a benchmark for both buyers and sellers. The lack of data on the percentage of listings that have been reduced and the median days on market (DOM) indicates stability in the housing market, where neither an abundance nor a scarcity of inventory is driving significant price adjustments.
On the rental side, the Forward Moving Rent (FMR) for the metro area is projected at $920 for fiscal year 2026, while the current market rate stands at $678 according to Census ACS data. This gap signals potential upward pressure on rents as the market moves towards aligning with the FMR projection. Landlords and small-portfolio investors can expect gradual increases in rental income, making properties in ZIP 62424 increasingly attractive for long-term investment.
The setup implied by these figures suggests that for long-hold investors, there is a realistic appreciation thesis. The median home value, coupled with the expected rise in rental rates, points towards a steady increase in property values. As rents rise to meet the FMR, the intrinsic value of properties will also likely appreciate, benefiting those who hold onto their investments over time. However, the pace of this appreciation is likely to be moderate, reflecting the stable nature of the local real estate market.
Investors should consider diversifying their portfolios to include properties that offer both strong rental yields and potential for capital appreciation. Given the current median home value and anticipated rental trends, ZIP 62424 presents a viable option for those seeking to build a sustainable real estate portfolio without the risks associated with highly volatile markets.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.