Location: Christian County, IL | Metro: Christian County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,110 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 62556 presents a dynamic rental market that is currently underserved relative to its potential. The Fair Market Rent (FMR) set at $940 for the fiscal year 2026 reflects the government's benchmark for what is considered affordable in the metro area. However, the current market rent, according to Census ACS data, stands at $720. This gap suggests that there is room for growth in rental prices, indicating a scenario where demand could potentially exceed supply if more units were available at the higher FMR rate.
The median home value in ZIP 62556 is $124,107, which is relatively low compared to many other areas. This figure can be indicative of an overall lower cost of living but also points to the possibility that homeownership is accessible to a broader segment of the population, possibly due to affordability or other local economic factors. Despite this, the 10.8% renter share implies that a significant portion of the population prefers or requires rental housing, creating a steady base of renters and suggesting long-term housing pressure that leans towards rental demand.
While specific metrics such as the percentage of price cuts and days on market (DOM) are not available, the disparity between the FMR and the actual market rent suggests that landlords who can offer competitive amenities and maintain quality properties may see their rental rates increase as the market adjusts to meet the federal standards. The relatively low median home value also supports the notion that the rental market could expand, as it might be more attractive for some residents to rent rather than buy.
In summary, ZIP 62556 is a market where the rental sector appears to be growing but has yet to fully align with the federal benchmarks for affordability. The current dynamics suggest a potential for increasing rental rates and a continued reliance on rental housing, driven by the existing renter share and the overall economic conditions that favor renting over buying.
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.