Location: Wayne County, IL | Metro: Wayne County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 62850 presents a market in motion, characterized by the Federal Market Rent (FMR) at $940 for fiscal year 2026. This figure, set by HUD for the metro area, indicates a stable baseline for rental pricing, reflecting the government's assessment of the local housing market's affordability.
Despite the lack of recent market rent data, the FMR serves as a benchmark, suggesting that rental prices are likely to hover around or slightly above this mark, depending on local conditions. The absence of detailed information on price cuts and days on market (DOM) makes it challenging to pinpoint the exact supply-demand balance, but the FMR can be used to gauge the overall rental climate.
The 24.5% renter share is noteworthy. This percentage suggests a moderate presence of renters in the area, which can imply ongoing long-term housing pressure. A higher proportion of renters often indicates either a lack of affordable homeownership opportunities or a preference for renting due to lifestyle choices, economic factors, or both. In ZIP 62850, this figure points towards a steady demand for rental properties, as a significant portion of residents opt not to own homes.
Landlords and small-portfolio investors should take note of the FMR as a guiding principle for setting rents that remain competitive yet fair. The moderate renter share suggests that while the market may not be saturated with renters, there is a consistent demand for rental units, which could support steady occupancy rates and rental income.
To better understand the dynamics of ZIP 62850, it would be beneficial to monitor changes in the FMR over time and track the availability of rental properties against the number of potential renters. This will provide clearer insights into whether supply is outpacing demand or vice versa, allowing for more informed investment decisions.
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.