Location: Pulaski County, IL | Metro: Pulaski County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 62963 is characterized by a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR, set at $1,160, reflects the government's benchmark for what is considered affordable for low-income families. However, the current market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $775. This suggests that the market in ZIP 62963 is likely experiencing a situation where demand is being met, if not slightly outpaced, by supply, as rents are below the FMR.
The high percentage of renters—52.5%—indicates a strong presence of tenants in the area, which can be a sign of long-term housing pressure. When a large portion of the population is renting, it often means that there are barriers to homeownership, such as affordability issues or economic conditions that make renting a more viable option for many residents. This can create sustained demand for rental properties, making ZIP 62963 an attractive market for landlords and small-portfolio investors who are looking for stable tenant populations.
The lack of data on price-cut share, days on market (DOM), and median home value indicates a limited insight into the broader housing market trends within ZIP 62963. However, the disparity between the FMR and the actual market rent suggests that there is room for rental rates to rise towards the FMR without significantly impacting occupancy rates, assuming the local economy supports such increases.
In summary, ZIP 62963 presents a dynamic rental market with a substantial tenant base and current rents below the government's fair market standard. This scenario points to a balanced or slightly supply-heavy market, but with potential for rental rate growth as the economy evolves and more residents seek affordable housing options. For investors, this means a steady demand for rental properties, although the exact trajectory will depend on future changes in the local economy and housing policies.
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.