Location: Pope County, IL | Metro: Massac County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The real estate market in ZIP 62938 presents a nuanced picture for both landlords and small-portfolio investors. With a median home value at $128,084, the area offers affordability that could be leveraged for rental income. However, the absence of percentage reductions in listings and the median days on market (DOM) indicates a stable market, neither overheated nor oversupplied.
The Federal Market Rent (FMR) for ZIP 62938 in fiscal year 2024 is set at $910. This figure contrasts sharply with the current market rent of $425 according to Census ACS data. The disparity suggests strong potential for increasing rents, aligning with the federal guidelines. Landlords can consider adjusting their rental rates closer to the FMR without risking vacancy rates, given the relatively low market rent.
For long-term investors, the setup implies a steady appreciation thesis. While the immediate market signals stability, the underlying fundamentals support gradual growth. The gap between the median home value and the rental market suggests that there is room for property values to rise as the local economy adjusts to accommodate higher rents. This, in turn, could lead to increased equity for homeowners and landlords alike.
The data points to a balanced market where neither buyers nor sellers hold overwhelming pricing power. However, the potential for rental rate increases provides a compelling opportunity for landlords to enhance their cash flow. As the rental market aligns more closely with federal standards, it's likely that property values will follow suit, offering a solid foundation for long-term investment appreciation.
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.