Location: Union County, IL | Metro: Johnson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The market in ZIP code 62912 presents a dynamic scenario that can be analyzed through the lens of rental and ownership metrics. With a Fair Market Rent (FMR) of $960 for the fiscal year 2024, it is evident that the government's benchmark for affordability is set higher than the actual market rent of $818, as reported by the Census Bureau's American Community Survey. This suggests that the rental market is somewhat stable but not under significant upward pressure.
The median home value of $180,989 indicates a middle-range housing market, neither excessively expensive nor cheap. The fact that the percentage of price-cut share and days on market (DOM) are not available makes it challenging to determine the exact relationship between supply and demand. However, the current snapshot suggests that the market is not experiencing extreme fluctuations typical of either a surplus or shortage situation.
A key indicator of long-term housing pressure is the renter share, which stands at 11.8%. This relatively low figure implies that the majority of residents in ZIP 62912 prefer homeownership over renting. A smaller renter population often correlates with less competitive rental markets, as fewer people are vying for limited rental properties. This could mean that landlords might face challenges in raising rents significantly without losing tenants to the more attractive option of buying a home.
In summary, ZIP 62912 appears to be a balanced market where homeownership is favored, and the rental sector operates within a stable range. Landlords should be cautious about pricing their units above the market rent of $818 to avoid vacancy issues, while small-portfolio investors should consider the median home value as a realistic baseline for property investments. The market dynamics suggest a preference for stability over rapid change, making it a potentially steady investment environment for those looking to enter or expand their presence in this area.
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.