Real Estate Investing in Franklin, Illinois (62638)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 62638 (Franklin, 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.
- High vacancy: 18.6% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Franklin, IL (62638)?
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Market Analysis: 62638 Franklin
ZIP 62638 inside Morgan County looks affordable on the surface — median value of $146K — but the discount exists for reasons that a careful buyer should understand before committing.
The investment case in 62638 is significant only for operators who understand what they are buying. A $146K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
In the broader IL picture, 62638 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
A impressive renter share of 18% in 62638 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
trends toward the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Franklin:
Market Trends
Home Value History (with trend line)
📊 How Does 62638 Compare?
| Metric | 62638 | Franklin | Jacksonville, IL | Illinois |
|---|---|---|---|---|
| Home Value | $146,210 | $146,210 | N/A | $279,761 |
| 5-Year CAGR | 5.1% | 5.1% | N/A | 6.6% |
| Avg Rent | $990 | $990 | N/A | - |
| Cap Rate | 5.3% | 5.3% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 62638 (Franklin, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $146,210 |
| Monthly Rent | $990 |
| Price-to-Rent | 12.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.1% |
| Cap Rate | 5.3% |
| 5-Year IRR | 10.4% |
📈 Home Appreciation
| 1-Year | +3.1% ▲ |
| 3-Year CAGR | +4.4% ▲ |
| 5-Year CAGR | +5.1% ▲ |
| 10-Year CAGR | +3.4% ▲ |
🏠 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 (5.3%). 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 62638
Population: 1,326
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 62638
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
Frequently Asked Questions
How does Franklin, IL rate as a rental market?
Franklin, IL rates 3.0/5 for investability. With median values at $146K and rents near $990/mo, the market offers reasonable fundamentals for rental investors.
How much does a house cost in Franklin, IL?
In Franklin, IL the median home value sits at $146K. Against the broader IL market, that reads as reasonable for most investors.
What do landlords charge for rent in Franklin, IL?
Rent in Franklin, IL is around $990/mo. The resulting rent-to-value relationship with $146K pricing is reasonable for most investor models.
Are there empty rentals in Franklin, IL?
Franklin, IL sees elevated vacancy, which is reasonable relative to the broader IL rental market.
What strategy should investors use in Franklin, IL?
Investors usually favor careful cash-flow rentals with hands-on management in Franklin, IL. With home values at $146K and rents near $990/mo, other strategies can work but produce even-keeled rather than outsized returns.
You know 62638 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 62638 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 62638 ranks in Jacksonville, IL
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