Location: Crawford County, IL | Metro: Crawford County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The market in ZIP code 62451 presents a dynamic landscape that reflects both current conditions and underlying trends. With a Fair Market Rent (FMR) set at $920 for the fiscal year 2026, it indicates the government's benchmark for rental affordability in the metro area. However, the actual market rent as reported by the Census Bureau's American Community Survey stands at $738. This suggests that while there is a gap between the FMR and market rent, landlords can still expect a reasonable return on their investments without necessarily undercutting their rental rates.
The median home value in the area is $90,500, which is relatively low compared to many other regions, indicating an affordable housing market. The lack of specific data regarding the percentage of price cuts and days on market (DOM) means we cannot definitively conclude whether supply is outpacing demand or vice versa. Nonetheless, the lower median home value and the discrepancy between FMR and market rent imply a potential oversupply situation, where landlords might need to be competitive with their pricing to attract tenants.
A key metric to consider is the 17.2% renter share of the population. This figure tells us that a significant portion of the residents are renters, which could indicate ongoing long-term housing pressure. In areas where renting is a substantial part of the housing market, there is often a persistent demand for rental properties. Landlords should be aware that this ZIP code likely has a steady stream of potential tenants, but also faces competition from other landlords and possibly from homeowners who might convert their homes into rentals due to the low median home values.
The interplay between these factors—affordable rents, lower home values, and a notable renter population—creates a market where landlords must balance the need to remain competitive with the opportunity to leverage a stable tenant base. This ZIP code's characteristics suggest a resilient rental market that can support small-portfolio investors, provided they offer properties that meet the needs of the local renters.
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.