Location: Jo Daviess County, IL | Metro: Carroll County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 61028, located in Jo Daviess County, IL metro, reveals a favorable environment for those seeking stable rental income. The HUD Fair Market Rent (FMR) for the area stands at $1,060 for fiscal year 2026, which is notably higher than the current market rent of $742 based on Census ACS data. This indicates that voucher tenants can easily cashflow at the FMR rate without requiring premium units, making it an attractive option for landlords and small-portfolio investors.
To further understand the investment potential, consider the median home value in the area, which is $208,938. By comparing this figure with the market rent of $742, we find a rent-to-price ratio of approximately 0.4%. This low ratio suggests that buying properties in this area could be more advantageous than renting, as it implies strong long-term equity growth. However, for investors focused solely on rental income, the difference between the HUD FMR and the actual market rent provides a significant buffer that supports positive cash flow.
In terms of the time on market and the frequency of price reductions, both metrics are not applicable (N/A) in this analysis. This absence of data points towards a stable housing market where neither rapid turnover nor frequent price adjustments are common. Such stability can be beneficial for investors looking to avoid the volatility associated with fluctuating rental prices and quick property turnovers.
The strongest investor angle in ZIP 61028 is cashflow. Given the disparity between the HUD FMR and the current market rent, landlords can expect consistent, above-market rental income from voucher tenants, providing a solid foundation for financial returns.
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.