Location: Washington County, IL | Metro: Washington County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 62803 presents a unique opportunity for landlords and small-portfolio investors, particularly when considering the interplay between home values and rental rates. The median home value stands at $150,120, which is a significant figure given the area's rental market dynamics. While the percentage of listings that have been reduced and the median days on market (DOM) are not available, the static median home value suggests a stable housing market, implying that there is a moderate level of pricing power for the next 12-24 months.
On the rental side, the Forward Monthly Rent (FMR) for ZIP 62803 is projected to be $920 for fiscal year 2026, whereas the current market rate based on Census ACS data is $1,063. This indicates that the rental market is currently outpacing the federal guidelines, suggesting a strong demand for rental properties in the area. Landlords can leverage this gap to maintain or slightly increase their rental rates, ensuring steady cash flow.
For long-term hold investors, the setup in ZIP 62803 offers a realistic appreciation thesis. The combination of an affordable median home value and a robust rental market suggests that property values could see gradual growth over time. As the economy continues to recover and stabilize, and with the potential for increased population growth or job opportunities in the area, the demand for both ownership and rental properties could rise, leading to higher property values. However, the absence of specific data on listing reductions and DOM means that the immediate future is uncertain, and investors should prepare for potential fluctuations in the market.
The disparity between the FMR and the current market rent also points to a scenario where investors can benefit from owning properties in ZIP 62803. By holding onto properties and waiting for the rental market to align more closely with the market value, investors can anticipate better returns in the form of higher rents or increased property values. This strategy requires patience but is supported by the current data, which shows a favorable environment for those willing to invest in the long term.
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.