Location: Marion County, IL | Metro: Jefferson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
U.S. Census Bureau data (2024)
The market in ZIP code 62853 presents a dynamic equilibrium with specific characteristics that frame it as a market in motion. The Fair Market Rent (FMR) for the area stands at $1,160 for fiscal year 2026, aligning closely with the current market rent of $1,169 as reported by the Census American Community Survey (ACS). This suggests a stable rental market, where the government's assessment of fair rents is nearly on par with what tenants are currently paying.
The median home value of $158,444 indicates a relatively affordable residential market. However, the lack of data on price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. In the absence of these metrics, we can infer that the market is neither experiencing severe over-supply nor extreme scarcity, given the close alignment between FMR and market rent.
A noteworthy feature of ZIP 62853 is the 28.1% share of renters. This percentage signals a significant portion of the population who prefer or need to rent rather than own property. Such a high renter share often points to long-term housing pressure, as it implies a continuous demand for rental properties. Landlords and small-portfolio investors should take note of this trend, as it suggests a steady demand for rental units which could support ongoing investment in the area.
The market dynamics in ZIP 62853 are characterized by a balance between rental and ownership costs, with an emphasis on the rental sector due to the substantial renter share. This balance indicates a market where both landlords and homeowners find reasonable stability and opportunity, but with a particular focus on rental properties due to the strong tenant presence.
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.