Location: Decatur, IL | Metro: Decatur, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
U.S. Census Bureau data (2024)
The ZIP code 62532 stands as a market in motion, with specific insights gleaned from the snapshot of data available. The Fair Market Rent (FMR) for the area is set at $960 for fiscal year 2024, indicating a stable rental price point that reflects the current economic conditions of the region.
A notable absence in the data is the market rent figure, which suggests that either there is limited rental activity or the market is heavily skewed towards homeownership. This aligns with the 0.0% renter share, implying a strong preference for owning homes over renting in this ZIP code. Such a low renter share can be indicative of a community where long-term housing stability is prioritized, potentially reducing the immediate pressure on rental markets but also suggesting a challenge in finding rental properties for those who do not wish to buy.
The lack of data on price-cut share and days on market (DOM) makes it difficult to definitively state whether supply outpaces demand or vice versa. However, the absence of these metrics often points to a market that is relatively balanced or where transactions are less frequent, possibly due to a higher rate of owner-occupied homes.
Understanding the dynamics of ZIP 62532 requires recognizing that while the rental market might be quiet, the overall housing landscape is characterized by a strong inclination towards homeownership. This could mean that landlords and small-portfolio investors looking to capitalize on rental opportunities may find the market challenging, given the low percentage of renters. Conversely, those interested in selling properties for owner-occupancy will likely face a more favorable environment, with potential buyers having a clear preference for owning their homes.
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.