Location: Logan County, IL | Metro: Logan County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,190 for ZIP 62643 can sufficiently cover the mortgage on a typical home. The data does not provide specific figures for median home values or average mortgage payments, so it's challenging to make a definitive statement. However, it's important to note that FMR is calculated based on the overall rental market and reflects the 40th percentile of market rents for a particular area. This means that a significant portion of rental units in ZIP 62643 are priced below this amount.
The second objection concerns the level of renter demand, which stands at 39.6%. This percentage indicates that nearly 40% of households in the area rent their homes, suggesting a moderate level of demand. While this may not seem high compared to urban areas, it is worth considering that rural areas often have lower percentages due to higher homeownership rates. The rental market in ZIP 62643 could still be viable if the demand is steady and the supply of rental properties is not overwhelming.
Lastly, an investor might wonder if housing vouchers will keep up with the market rents, which are currently around $1,035. The voucher system aims to ensure that low-income families can afford decent housing. However, the data does not specify the exact value of vouchers in ZIP 62643. It's crucial to research the local housing authority to understand the specifics of voucher programs and how they adjust to changes in the market. If the vouchers are consistently updated to reflect the cost of living and housing prices, they can serve as a reliable source of income for landlords.
In summary, while the data does not fully answer all objections, it provides insights into the rental market dynamics of ZIP 62643. Investors should conduct further research to understand the local real estate landscape and the specifics of the housing voucher program in the area.
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.