Location: Fayette County, IL | Metro: Effingham County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The real estate market in ZIP code 62458 presents a unique opportunity for landlords and small-portfolio investors. With a median home value of $122,397, this area is positioned as an affordable option for both homeowners and renters. The fact that the percentage of listings reduced is not available suggests a stable market where neither significant price reductions nor increases are prevalent, implying a cautious approach to pricing adjustments by sellers and landlords alike.
The median days on market (DOM) being listed as N/A indicates a balanced market condition where homes are typically sold within a reasonable timeframe without extended periods of listing. This balance is crucial for maintaining steady home values and rental rates.
On the rental side, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected at $920, which is notably higher than the current market rent of $749. This gap signals potential upward pressure on rental prices as the market adjusts to align with the projected FMR. Landlords can leverage this trend by gradually increasing rents to approach the FMR levels, ensuring their properties remain competitive and profitable.
For long-term investors, the setup in ZIP 62458 implies a realistic appreciation thesis based on the convergence of home values and rental prices toward their respective FMRs. As rental demand grows and rental prices rise, the value of residential properties is likely to follow suit, driven by the increased desirability and profitability of owning property in this area. However, the appreciation will be gradual and tied closely to economic fundamentals such as job growth and population trends.
In summary, the combination of a moderate median home value, stable listing conditions, and the disparity between current market rents and future FMR projections points to a market where pricing power is shifting towards landlords and property owners. By strategically positioning rental rates and considering the long-term appreciation potential, investors can capitalize on the current dynamics of ZIP 62458.
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.