Location: Randolph County, IL | Metro: Jackson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,200 |
| 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 62916 presents a dynamic environment for landlords and small-portfolio investors. With a Fair Market Rent (FMR) set at $830 for the fiscal year 2024, landlords can expect a benchmark for rental pricing that reflects the economic conditions of the area. The Census American Community Survey (ACS) indicates a market rent of $732, suggesting that actual rents may be slightly below the FMR. This discrepancy could point towards a market where supply meets or slightly exceeds demand, as evidenced by the lower market rent.
The median home value in ZIP 62916 is $163,468, which is an important figure for understanding the overall affordability and desirability of the housing market. While the exact percentage of price cuts and days on market (DOM) are not available, the median home value provides insight into the broader economic context, including potential trends in property values and homeowner behavior.
A key indicator for the rental market is the 8.4% renter share. This relatively low percentage suggests that homeownership remains prevalent in ZIP 62916. However, it also implies that there is ongoing pressure for rental units, as even a modest renter share can indicate a significant number of individuals seeking affordable housing options. Landlords should be aware of this pressure, as it can influence the stability and demand for rental properties over the long term.
In summary, ZIP 62916 appears to be a balanced market with slight indications of supply meeting demand. The gap between FMR and market rent suggests that landlords might need to adjust their expectations, while the low renter share points to a persistent need for rental accommodations. These dynamics create a stable yet competitive environment for those investing in rental properties.
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.