Location: Jo Daviess County, IL | Metro: Jo Daviess County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 61001, located in Jo Daviis County, IL metro, reveals several key points. The HUD Fair Market Rent (FMR) for the area is set at $1,390 for the fiscal year 2026, which is significantly higher than the reported market rent of $880 based on Census ACS data. This indicates that voucher tenants can cashflow comfortably at the FMR rate, meaning landlords can expect a positive cashflow without having to seek premium units.
To further understand the investment potential, consider the median home value in the area, which stands at $318,269. Using this figure, we can derive the rent-to-price ratio. With an average monthly rent of $880, the annual rent would be approximately $10,560, leading to a rent-to-price ratio of about 3.32%. This ratio suggests that the rental market is relatively stable and competitive compared to the overall property values in the area.
Note that the median days on market (DOM) and the percentage of price cuts are not available for this analysis. However, given the disparity between the HUD FMR and the actual market rent, it's evident that the current environment favors cashflow over other investment metrics such as appreciation or stability. The strong cashflow potential makes this area particularly attractive for Section 8 investors looking to maximize their returns through rental income.
The strongest investor angle in ZIP 61001 is undoubtedly cashflow, due to the substantial difference between the HUD FMR and the actual market rent.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.