Section 8 Fair Market Rent (FMR) for ZIP 61235 - 2027

Location: Davenport-Moline-Rock Island, IA | Metro: Davenport-Moline-Rock Island, IA-IL MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$760
1 Bedroom	$870
2 Bedrooms	$1,070
3 Bedrooms	$1,400
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,283

Median Household Income

$61,932

Housing Units

671

Renter Percentage

16.3%

Occupancy Rate

95.2%

Renter Occupied

104

The ZIP code 61235, located in central Illinois, is a residential area characterized by modest housing values and a significant portion of renters. This makes it an attractive market for real estate investors looking to capitalize on rental properties.

Fair Market Rent (FMR) for the area is set at $1160 per month for a one-bedroom unit as of fiscal year 2024. This figure represents the maximum amount that low-income families should pay for housing to avoid being cost-burdened, which is useful for setting reasonable rents.
The average market rent for properties in ZIP 61235 is $738 per month, according to the latest Census ACS data. This suggests that there is room for pricing adjustments upwards without significantly deterring tenants.
The median home value in the area stands at $181,094, indicating a relatively affordable market for potential property acquisitions.
Renters make up 16.3% of the population, showing a substantial demand for rental properties. This percentage reflects a stable tenant base, beneficial for long-term investment strategies.
The median income of residents is $61,932, providing insight into the financial capacity of potential tenants. This income level supports the possibility of collecting rents closer to the FMR without causing undue financial strain on tenants.
The number of days on market (DOM) is not available, but this data point would be crucial for understanding how quickly properties are typically rented out in the area.

Investors in ZIP 61235 can expect a steady demand for rental properties given the significant renter share and the gap between the Fair Market Rent and the average market rent. The modest median home value also offers opportunities for acquiring properties at reasonable prices. However, the median income level suggests that rents should remain competitive to ensure affordability for the majority of tenants. While the exact time to market for rental properties is unknown, the other indicators suggest a viable market for small-portfolio investors and landlords seeking consistent 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.