Location: Jackson County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 62932 in the Jackson County, IL metro area reveals several key points that are crucial for landlords and small-portfolio investors considering investment in this region.
First, the rent math does not work favorably. The Fair Market Rent (FMR) set at $860 for the fiscal year 2024 is notably higher than the market rent reported by the Census ACS at $728. This indicates that properties priced at the FMR level might struggle to attract tenants willing to pay above the prevailing market rate.
Second, regarding acquisition affordability, the median home value stands at $83,905, which is relatively low compared to broader regional averages. However, the lack of data on days-on-market (DOM) and the percentage of homes that have required price cuts suggests caution. Without these metrics, it's difficult to assess how quickly homes sell and if there is a trend of overpricing that necessitates subsequent reductions to meet market demand.
Third, there is a moderate tenant demand in the area. With a population of 1,152 and a renter share of 27.9%, there is a steady pool of potential tenants. However, the size of the rental market is limited by the overall population, which means competition among landlords could be high.
Verdict: Investment in ZIP 62932 presents an opportunity for those who can acquire properties below the median home value and operate efficiently at the market rent of $728. The discrepancy between the FMR and market rent highlights the necessity for careful pricing to ensure occupancy. Despite the limited population, the 27.9% renter share provides a consistent tenant base, but the absence of DOM and price-cut data introduces uncertainty about the ease of property acquisition and resale. For landlords and small-portfolio investors, the focus should be on cost-effective acquisitions and maintaining competitive rents to secure tenants.
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.