Location: Union County, IL | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,330 |
| 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 market in ZIP code 62988 presents a dynamic environment for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area stands at $810 for fiscal year 2024, while the actual market rent is notably lower at $493 according to recent Census American Community Survey (ACS) data. This discrepancy suggests that the rental market may be experiencing some level of competition, with landlords potentially adjusting their rents to attract tenants.
The median home value of $108,489 indicates an affordable housing market, which could attract both buyers and renters. However, the lack of specific data on price-cut share and days on market (DOM) means we cannot definitively conclude whether supply currently outpaces demand or vice versa. Yet, the relatively low market rent compared to the FMR implies that there might be a slight oversupply or that landlords are willing to accept lower rents to maintain occupancy rates.
A critical aspect of the ZIP 62988 market is the 14.1% share of renters. This figure is relatively low, indicating that homeownership is prevalent. While this can suggest stability in the housing market, it also points to potential long-term housing pressure. As the population grows or changes, the demand for rental properties could increase, especially if new residents prefer renting over purchasing due to the high affordability of homes in the area.
The dynamics of ZIP 62988 are characterized by a balance between affordable homeownership and a competitive rental market. Landlords should be aware of these conditions and consider them when setting rents or deciding on property investments. The market appears to be in a state of flux, with potential for increased rental demand as the area develops further.
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.