Location: Williamson County, IL | Metro: Pope County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The market in ZIP code 62987 presents a dynamic environment that is currently in flux. With a Fair Market Rent (FMR) set at $850 for the fiscal year 2024, landlords and small-portfolio investors can expect a benchmark that reflects the local rental market's value. However, the actual market rent, as per the latest Census American Community Survey (ACS), stands at $766, indicating a slight discrepancy between the government's assessment and the real estate market's pricing.
This difference suggests that the market might be experiencing some pressure where supply slightly outpaces demand, leading to rents being lower than the FMR. The lack of data on price-cut share and days on market (DOM) prevents a more precise analysis of the short-term dynamics, but the median home value of $170,767 provides insight into the overall economic conditions of the area.
A significant factor to consider is the 12.8% renter share in the population. This relatively low percentage implies that a majority of residents own their homes, which could indicate a stable community with less immediate pressure on the rental market. However, it also suggests that there is a potential for long-term housing pressure as the demand for rentals could rise if the trend towards homeownership slows down or reverses due to economic shifts or changes in demographic patterns.
Landlords and investors should monitor these factors closely. The gap between the FMR and market rent could narrow as the market adjusts, potentially increasing rental income. Additionally, the low renter share might offer opportunities for long-term investment strategies focused on property appreciation rather than short-term rental yields.
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.