Location: Cass County, IL | Metro: Springfield, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 62673 presents a nuanced picture for both landlords and small-portfolio investors. With a median home value of $143,955, the area remains relatively affordable compared to many other regions across the country. However, the absence of percentage data on listings that have been reduced and the median days on market (DOM) suggests a stable market with little fluctuation in recent times. This stability indicates that there is no immediate pressure on sellers to reduce their asking prices, which could imply a certain level of pricing power for those looking to sell or hold properties.
On the rental side, the Fair Market Rent (FMR) for ZIP 62673 is set at $1010 for fiscal year 2024. Without comparative market data from previous years, it's difficult to assess the exact trend, but the FMR figure can be used as a benchmark for setting rental rates. Landlords should aim to keep their rents competitive yet reflective of the actual costs and desired returns, aligning closely with this FMR to ensure occupancy rates remain high.
For long-term investors considering holding onto properties in ZIP 62673, the setup points towards a conservative appreciation thesis. The stable home values and rental rates suggest that while rapid growth might not be expected, steady appreciation is likely. Investors should focus on maintaining property values through regular upkeep and strategic improvements that add value without exceeding the local market's price tolerance. Additionally, diversifying investment strategies to include both rental income and potential appreciation can provide a balanced approach to capitalizing on the area's real estate opportunities.
A key consideration for all investors is the local economic environment. While the data provided does not include employment rates or industry specifics, understanding these factors can help predict future demand for both housing and rentals. Engaging with local real estate professionals and reviewing broader economic trends can offer insights into how the market might evolve over the next 12 to 24 months, guiding decisions on whether to hold, buy, or sell properties.
In summary, the current data in ZIP 62673 signals a market where pricing power leans towards stability rather than significant fluctuation. For landlords and small-portfolio investors, this translates to an environment conducive to consistent returns through rental income and modest appreciation, provided they manage their investments prudently and stay informed about local economic conditions.
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.