Location: Marion County, IL | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
The ZIP code 62875 presents a dynamic rental market with clear indicators of current conditions. The Fair Market Rent (FMR) for the area is set at $1020 for fiscal year 2024, while the actual market rent, according to Census ACS data, stands slightly lower at $950. This suggests that the market is operating slightly below the government's benchmark, which could indicate either a competitive rental environment or an adjustment phase where rents are stabilizing.
The median home value in ZIP 62875 is $133,453, reflecting a relatively affordable residential market. However, without specific data on the percentage of price cuts or days on market (DOM), it's challenging to definitively state whether supply outpaces demand or vice versa. The lack of these metrics implies a stable market, neither heavily oversupplied nor undersupplied, but rather balanced.
A noteworthy statistic is the 11.9% share of renters in the area. This relatively low figure indicates a preference for homeownership over renting, which can exert long-term pressure on housing affordability. As fewer individuals opt for renting, the demand for homeownership increases, potentially driving up property values and making it more challenging for new residents to purchase homes. This dynamic can also influence rental rates, as landlords adjust their pricing based on the overall housing market conditions.
In summary, ZIP 62875 operates with a slight discount on the FMR, indicating a competitive yet stable rental market. The low renter share points towards a strong homeownership culture, which has implications for long-term housing pressure and affordability. Landlords and small-portfolio investors should closely monitor trends in both rental and homeownership markets to make informed 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.