Real Estate Investing in Lerna, Illinois (62440)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 62440 (Lerna, IL)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
Rare combination of both appreciation and cash flow. These markets don't last long — worth serious consideration.
- Elevated vacancy: 10.1% vacancy may signal weakening demand.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Lerna, IL (62440)?
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Market Analysis: 62440 Lerna
ZIP 62440 inside Coles County looks affordable on the surface — median value of $195K — but the discount exists for reasons that a careful buyer should understand before committing.
On the rental side, the numbers look inviting — $195K purchase price, 0.0% nominal cap — the work to hit that pro forma in 62440 is substantial and deserves full respect.
From an investor standpoint, 62440 offers a low basis, the region around Lerna has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Who lives in 62440 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Experienced landlords with local relationships tend to find 62440 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 Lerna:
Market Trends
Home Value History (with trend line)
📊 How Does 62440 Compare?
| Metric | 62440 | Lerna | Charleston-Mattoon, IL | Illinois |
|---|---|---|---|---|
| Home Value | $194,721 | $194,721 | N/A | $279,761 |
| 5-Year CAGR | 8.2% | 8.2% | N/A | 6.6% |
| Avg Rent | $1,179 | $1,179 | N/A | - |
| Cap Rate | 4.7% | 4.7% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 62440 (Lerna, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $194,721 |
| Monthly Rent | $1,179 |
| Price-to-Rent | 13.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.3% |
| Cap Rate | 4.7% |
| 5-Year IRR | 12.9% |
📈 Home Appreciation
| 1-Year | +19.6% ▲ |
| 3-Year CAGR | +9.0% ▲ |
| 5-Year CAGR | +8.2% ▲ |
| 10-Year CAGR | +6.2% ▲ |
🏠 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 (4.7%). 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 62440
Population: 1,092
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 62440
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
What kind of market is Lerna, IL for investors?
Our data puts Lerna, IL at 3.0/5 for investability. Home prices of $195K and rents around $1,179/mo create a solid backdrop for investor activity.
What is the typical rental rate in Lerna, IL?
The typical rental in Lerna, IL commands about $1,179/mo monthly. That rent profile measured cash flow against the $195K purchase basis.
How do home values compare in Lerna, IL?
Homes in Lerna, IL typically sell near $195K. Prices have moved at a 0.0% 5-year CAGR, which consistent long-term demand.
Can owner-occupants cash flow in Lerna, IL?
Lerna, IL offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,179/mo rent level.
What is the typical vacancy rate in Lerna, IL?
Lerna, IL vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
You know 62440 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 62440 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 62440 ranks in Charleston-Mattoon, IL
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