Location: Montgomery County, IL | Metro: Macoupin County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 62640 presents a unique opportunity for landlords and small-portfolio investors. With a median home value of $147,527, the area remains accessible for both purchasing properties and attracting tenants who can afford the associated costs. The data indicating that no listings have been reduced and the median days on market (DOM) is not available suggests a stable market, where homes are selling at their listed prices and without significant delays. This stability implies strong pricing power for property owners over the next 12-24 months, as buyers are likely willing to meet asking prices without much negotiation.
On the rental side, the Fair Market Rent (FMR) for ZIP 62640 is set at $1020 for fiscal year 2024, while the current market rent stands at $811 according to the Census American Community Survey (ACS). This gap between FMR and actual market rent signals potential for rental rate increases. Landlords can leverage the higher FMR to adjust rents upwards, making their properties more competitive and profitable. However, it's important to consider local economic conditions and tenant affordability when setting new rates.
For long-term investors, the setup implies a moderate appreciation thesis. The current median home value, combined with the potential for rental rate increases, points toward a gradual upward trend in property values. However, the lack of specific percentage data on listing reductions and median DOM means there isn't a clear indicator of rapid growth or decline. Investors should focus on maintaining properties and ensuring they are priced competitively in both the sales and rental markets to achieve steady, long-term gains.
In summary, ZIP 62640 offers a balanced environment for real estate investment. The median home value and the relationship between FMR and market rent provide a solid foundation for both homeownership and rental income strategies. Long-term investors can expect a realistic appreciation scenario, though the pace will be moderate rather than explosive.
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.