Real Estate Investing in Payson, Illinois (62360)
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Should you buy in 62360 (Payson, IL)? Our answer, based on the numbers below.
Mixed — values have been flat. OK for long-horizon buyers, less attractive if you may need to sell soon.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 15.2% of homes vacant — above national norms.
- Flat appreciation: Values have barely moved over 5 years (1.5% CAGR).
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Payson, IL (62360)?
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Market Analysis: 62360 Payson
ZIP 62360 inside Adams County looks affordable on the surface — median value of $172K — but the discount exists for reasons that a careful buyer should understand before committing.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $172K asset, 62360 is the wrong submarket. If the plan prices in friction, the yield can still work.
The gap between 62360 and stronger Payson ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Resident income in 62360 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Experienced landlords with local relationships tend to find 62360 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 Payson:
Market Trends
Home Value History (with trend line)
📊 How Does 62360 Compare?
| Metric | 62360 | Payson | Quincy, IL-MO | Illinois |
|---|---|---|---|---|
| Home Value | $171,749 | $171,749 | N/A | $279,761 |
| 5-Year CAGR | 1.5% | 1.5% | N/A | 6.6% |
| Avg Rent | $1,008 | $1,008 | N/A | - |
| Cap Rate | 4.6% | 4.6% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 62360 (Payson, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $171,749 |
| Monthly Rent | $1,008 |
| Price-to-Rent | 14.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.0% |
| Cap Rate | 4.6% |
| 5-Year IRR | 6.0% |
📈 Home Appreciation
| 1-Year | +8.2% ▲ |
| 3-Year CAGR | -2.2% ▼ |
| 5-Year CAGR | +1.5% ▲ |
| 10-Year CAGR | +3.3% ▲ |
🏠 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 (4.6%). 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 62360
Population: 1,540
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 62360
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 837 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How does Payson, IL stack up for property investment?
Payson, IL comes in at an investability rating of 3.0/5, with median home values near $172K and average rents around $1,008/mo. That combination puts it in the sturdy tier for investor interest.
How much rent can I charge in Payson, IL?
Rents in Payson, IL run near $1,008/mo. Compared with median home prices of $172K that produces solid gross yields for typical rentals.
Can I live-in-and-rent in Payson, IL?
The house hack math a challenging in Payson, IL. Owner-occupant buyers benefit from the $1,008/mo rents and $172K home values.
Do landlords face vacancy issues in Payson, IL?
Rental vacancy in Payson, IL is elevated. Investors should budget normal turnover but not chronic empty units.
What approach is best for Payson, IL real estate?
The best-fit strategy in Payson, IL is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
You know 62360 now. You don’t know where it ranks.
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How 62360 ranks in Quincy, IL-MO
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