Location: Coles County, IL | Metro: Clark County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,180 |
| 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)
ZIP code 62474 in Coles County, IL, presents a unique profile within its metro area. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,050. However, the actual market rent for 62474 is significantly lower at $625. This indicates that 62474 could be considered a value pocket within the metro, offering rental opportunities well below the established FMR.
The median home value in 62474 is $101,573, which is also below the typical for the county. This suggests that property acquisition costs might be lower here compared to other areas within the metro, making it potentially attractive for small-portfolio investors looking to buy properties at a discount.
The renter share in 62474 stands at 2.0%, which is notably low. This percentage is indicative of a predominantly owner-occupied community. In contrast to what might be expected in a Section 8 sweet spot, where high renter share coupled with below-average home values often points to a concentration of subsidized housing, 62474 does not exhibit such characteristics. Its low renter share implies fewer tenants overall, reducing the potential for Section 8 participation.
To determine if 62474 is a mid-tier neighborhood or a premium sub-market, we must consider the context of the entire metro area. Given that its market rent is less than half of the FMR and its home values are also below average, it's clear that 62474 is not positioned as a premium sub-market. Instead, it aligns more closely with being a value pocket, particularly for those interested in rental properties below the FMR threshold.
Landlords and small-portfolio investors should note that while 62474 offers cost-effective opportunities, the low renter share means that finding eligible Section 8 tenants may be challenging. Therefore, the investment strategy in this ZIP code should focus on the value proposition it provides rather than on the density of potential Section 8 participants.
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.