Location: Morgan County, IL | Metro: Morgan County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The ZIP code 62601 is situated in a predominantly homeowner-focused area with a very low rental population. Only 0.0% of the residents are renters, indicating that this is a community where homeownership is the norm. The total population of the area is 344, which suggests it is a small, tight-knit community.
Economically, 62601 is robust, with a median household income of $109,500. This figure places the residents in a relatively high-income bracket, capable of affording homes in a market where the median home value stands at $150,071. Given the strong purchasing power and preference for homeownership, it's evident that the area is stable and likely has a low turnover rate for housing.
Moving to the specifics of rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,050. However, there is no available data for market rent in this particular ZIP code, which further underscores the limited rental market presence here. The absence of significant market rent data makes it challenging to assess the typical rental rates, but the FMR provides a benchmark for potential rental income if a property were to be rented out under the Section 8 program.
Given the characteristics of ZIP 62601, it would not be an ideal location for a hands-off voucher operator. The low percentage of renters and the small population suggest that finding tenants who qualify for the Section 8 program could be difficult. Additionally, the robust economic indicators imply that the demand for subsidized housing is likely lower compared to areas with higher percentages of renters and lower incomes.
On the other hand, for a hands-on value-add buyer looking to improve properties and potentially sell them, this ZIP code presents opportunities. The strong economic foundation and preference for homeownership mean that well-maintained and upgraded properties can command premium prices upon resale, making it a viable option for investors willing to put in effort and capital to enhance their assets.
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.