Location: Pope County, IL | Metro: Massac County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 62943 reveals a unique balance between yield and stability that may appeal to certain types of real estate investors. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $910. This figure stands out given the lack of available market rent data, indicating that the government's estimate for rental income is the primary benchmark for potential returns. Coupled with a median home value of $172,070, this suggests an above-average yield relative to property costs.
However, stability metrics present a different picture. Only 4.3% of the population are renters, which is a low percentage, suggesting limited demand for rental properties. The median household income of $83,194 provides some insight into the economic health of the area but without knowing the average days on market (DOM), it's challenging to assess how quickly properties can be turned over. This lack of information about DOM introduces uncertainty regarding the speed and ease of securing tenants.
In conclusion, ZIP 62943 leans towards being a high-yield/low-stability market. The relatively high FMR compared to the median home value indicates strong potential for rental income. However, the low percentage of renters and the absence of DOM data suggest that maintaining consistent cash flow might be challenging due to lower demand and potentially longer vacancy periods. For landlords and small-portfolio investors looking for higher returns and willing to manage the risks associated with lower tenant turnover rates, this area could be worth considering. Those prioritizing steady cash flow over maximum yield should explore other options with more robust stability indicators.
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.