Location: Whiteside County, IL | Metro: Carroll County, IL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $103,059 | 0.98% | C |
| 3BR | $1,230 | $159,239 | 0.77% | D |
| 4BR | $1,450 | $190,316 | 0.76% | D |
U.S. Census Bureau data (2024)
The classification of ZIP code 61051 in Milledgeville, IL, hinges on its financial metrics and demographic characteristics. With a Fair Market Rent (FMR) of $920 for the metro area in fiscal year 2026, compared to a local market rent of $550, the potential rental yield is significant. This discrepancy suggests that properties could be rented out at higher rates, driven by the federal guidelines, indicating a high-yield opportunity.
However, the median home value in the area stands at $148,898, which is a critical figure when considering the cost of investment. The rental yield can be calculated by comparing the FMR to the median home value. Assuming an average property value, a rental income of $920 would provide a strong return on investment, especially if the landlord can secure tenants willing to pay closer to the FMR rather than the lower market rate.
Regarding stability, the ZIP code has a relatively low percentage of renters at 15.9%. This indicates a primarily owner-occupied market, which might make it harder to find tenants. The average household income of $59,565 provides insight into the economic health of the area; however, without knowing the days on market (DOM), it's challenging to assess how quickly properties can be leased. Given the limited data, the stability of the market appears moderate due to the low renter population but supported by decent income levels.
In conclusion, ZIP 61051 leans towards being a high-yield/low-stability market. The key figures driving this assessment are the substantial difference between the FMR ($920) and the market rent ($550), suggesting high rental income potential. However, the low renter population (15.9%) and the lack of data on days on market indicate some instability in securing consistent cash flow. Landlords and small-portfolio investors should weigh these factors carefully, focusing on the potential for high yields while preparing for possible challenges in tenant acquisition.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.