Real Estate Investing in Mattoon, Illinois (61938)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 61938 (Mattoon, IL)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 8.8% vacancy may signal weakening demand.
What’s happening in Mattoon, IL (61938)?
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Market Analysis: 61938 Mattoon
The 61938 ZIP in Mattoon, IL is a local-operator market. Outside capital chasing a $130K entry has to pair deep knowledge with the discount.
The 61938 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
On balance, 61938 offers a low basis, the region around Mattoon has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
A impressive renter share of 40% in 61938 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Experienced landlords with local relationships tend to find 61938 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Mattoon:
Property Strategy for 61938
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $90,069 | $920 | 7.4% | +6.3% | $45,034 |
| 3BR | $144,024 | $1,200 | 6.0% | +6.9% | $48,008 |
| 4BR | $207,624 | $1,290 | 4.5% | +7.2% | $51,906 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 61938 Compare?
| Metric | 61938 | Mattoon | Charleston-Mattoon, IL | Illinois |
|---|---|---|---|---|
| Home Value | $130,179 | $130,179 | N/A | $279,761 |
| 5-Year CAGR | 6.1% | 6.1% | N/A | 6.6% |
| Avg Rent | $907 | $907 | N/A | - |
| Cap Rate | 5.4% | 5.4% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 61938 (Mattoon, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $130,179 |
| Monthly Rent | $907 |
| Price-to-Rent | 12.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.4% |
| Cap Rate | 5.4% |
| 5-Year IRR | 11.6% |
📈 Home Appreciation
| 1-Year | +11.6% ▲ |
| 3-Year CAGR | +7.6% ▲ |
| 5-Year CAGR | +6.1% ▲ |
| 10-Year CAGR | +4.4% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 61938
Population: 20,440
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 61938
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 2,054 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How do experienced investors play Mattoon, IL?
For Mattoon, IL, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
Do landlords face vacancy issues in Mattoon, IL?
Occupancy in Mattoon, IL runs stable with elevated vacancy. Well-priced units at $907/mo lease on reasonable timelines.
How expensive is real estate in Mattoon, IL?
Homes in Mattoon, IL typically sell near $130K. Prices have moved at a 0.0% 5-year CAGR, which stable long-term demand.
Is house hacking profitable in Mattoon, IL?
For house hackers, Mattoon, IL is a challenging. The $907/mo rent on a unit helps defray the mortgage on a $130K property.
What are rental rates like in Mattoon, IL?
Rents in Mattoon, IL run near $907/mo. Compared with median home prices of $130K that produces solid gross yields for typical rentals.
You know 61938 now. You don’t know where it ranks.
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How 61938 ranks in Charleston-Mattoon, IL
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