Why rent in Decatur? (Zion, Forsyth: income, rental, employment)

[sjd]

I am buying some investment properties in Decatur and am trying to figure something out. If the prices are so low to purchase a home in Decatur, why would anyone rent? I have looked around, and can't seem to find many homes for rent. Is the rental market out there strong? Can anyone tell me more about this area and if purchasing some rental properties is a good idea? Do you forsee people always needing to rent there?

[Maintainschaos]

Maybe people rent because they don't want to be tied down to trying to resell a house in Decatur...

[Out of Alaska]

Millikin Univ. is there, so the West End would continue to be a decent market.

[Out of Alaska]

And... and I am sure this isn't news to you... but it isn't exactly a booming economic area with people walking around with downpayments. I think if people have the money to buy, they are gravitating toward Forsyth & Mt. Zion.

[irish setter girl]

I would definately agree with the idea that people are moving toward Foresyth and Mt. Zion. My inlaws sold their Decatur home after 23 years of living there for only 14k more than they paid for it. They were in a nice area on the north side of town. Most of my DH's family have moved to Mt. Zion, especially for the schools. Plus I just can't get past the smell I know it is the smell of money but it still stinks

[NoLove4MO]

Well, I was a renter in Decatur. Between Millikin and the few large employers, there is a pretty sizable transient community in Decatur. Most of these people only plan on living in this hellhole for a year or two, and would definietly never consider getting bogged down with an unsellable house.

[SocialDem]

Originally Posted by sjd

I am buying some investment properties in Decatur and am trying to figure something out. If the prices are so low to purchase a home in Decatur, why would anyone rent? I have looked around, and can't seem to find many homes for rent. Is the rental market out there strong? Can anyone tell me more about this area and if purchasing some rental properties is a good idea? Do you forsee people always needing to rent there?

I realize this post is kinda old, but wanted to reply anyway. As some other posters have noted, Millikin and some of the major industrial corporations means there is a decent, if small, transient population. More importantly, however, is the fact that although housing prices are really low compared to the Illinois (and national) average, the average income is also really low and the poverty and unemployment rates are exceptionally high. Thus, many people can only afford to rent.