Location: Richland County, IL | Metro: Richland County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
30.5% of residents in ZIP code 62450 are renters, indicating a significant demand for rental properties. The $920 Fair Market Rent (FMR) for the metro area in fiscal year 2026 sets a benchmark for rental pricing, which is notably higher than the $809 market rent observed in recent Census data. This suggests an opportunity for landlords to potentially increase rents without exceeding affordability standards.
$132,167 is the median home value in this ZIP code, reflecting a stable housing market. However, the median income of $62,096 might limit the ability of some residents to afford homeownership, thereby sustaining the rental market's strength.
The absence of a specific figure for days on market (DOM) indicates that either the data is incomplete or that rental listings move quickly once they are posted. A quick turnover can be advantageous for landlords looking to minimize vacancy periods.
With a 0.1% price-cut share, it's evident that landlords in this area rarely need to reduce their asking prices to attract tenants, further supporting the idea of a robust rental market.
In conclusion, the data from ZIP code 62450 points towards a favorable environment for landlords and small-portfolio investors. The discrepancy between the FMR and market rent, coupled with a high renter share and low price-cut necessity, signals a strong rental market where properties can command higher rents while remaining affordable to tenants. Given these factors, the Section 8 program, with its $920 FMR, aligns well with the local rental landscape, making it a viable option for landlords seeking stable, long-term tenancies.
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.