Location: Morgan County, IL | Metro: Morgan County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 62695 is poised for a nuanced approach by both landlords and small-portfolio investors. With a median home value of $113,203, the area presents an entry point for investment that is relatively low compared to many other regions, but the exact percentage of listings that have been reduced and the median days on market (DOM) are currently unavailable. This absence of data suggests a stable market where sellers are less inclined to lower their asking prices, indicating a certain level of pricing power.
On the rental side, the Fair Market Rent (FMR) for ZIP 62695 is projected at $1,060 for the fiscal year 2026, while the current market rate stands at $941. This signals a potential increase in rental income as the market rate moves closer to the FMR, which can be beneficial for long-term hold investors looking to generate steady cash flow.
The gap between the current market rent and the projected FMR suggests that there is room for rental rates to rise, aligning with the national trend of increasing rents. However, this does not automatically imply strong appreciation for property values. The setup in ZIP 62695 is such that while rental income might grow, the lack of recent reductions in listing prices and the stable DOM indicate a market that is unlikely to experience rapid appreciation. Instead, investors should expect moderate growth in property values, contingent upon broader economic conditions and local demand.
Long-hold investors should consider the area's potential for gradual increases in rental income, which can enhance overall returns on investment. However, they must also be prepared for a market that will likely remain stable rather than experiencing significant jumps in property value. This scenario favors those who can afford to hold properties long-term, leveraging rising rents to offset any slower pace of capital appreciation.
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.