Location: Marion County, IL | Metro: Marion County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The real estate market in ZIP 62870 presents a nuanced picture for both landlords and small-portfolio investors. With a median home value set at $109,233, the area remains relatively affordable compared to national averages. The lack of percentage of listings that have been reduced suggests that sellers are holding firm on their asking prices, indicating a stable market where buyers might be willing to meet sellers' expectations. This stability, combined with the unspecified median days on market (DOM), points towards a balanced market where neither side—buyers nor sellers—holds overwhelming pricing power.
On the rental side, the Federal Market Rent (FMR) for ZIP 62870 is forecasted at $990 for the fiscal year 2026, while the current market rent stands at $856 according to Census ACS data. This suggests that there is potential for rental income growth, as the FMR is expected to rise above the current market rate. However, the gap between the two figures also indicates that landlords should be cautious about immediate price hikes, as they could deter tenants in a competitive market.
For long-term investors considering holding properties in ZIP 62870, the setup implies limited appreciation potential. Given the stable pricing environment and the modest difference between projected and current rents, the primary benefit would likely come from steady rental income rather than significant capital gains. Investors should focus on maintaining property values through regular upkeep and ensuring competitive rental rates, which align with the forecasted FMR trends.
A summary of the market dynamics in ZIP 62870 can be outlined as follows:
In conclusion, the data points towards a market where long-term investment strategies should prioritize steady cash flows over rapid appreciation. Landlords and small-portfolio investors can expect a stable but modestly growing market, with opportunities to adjust rental rates in line with future FMR projections.
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.