Location: Davenport-Moline-Rock Island, IA | Metro: Davenport-Moline-Rock Island, IA-IL MSA
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 | $740 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $123,432 | 0.83% | C |
| 3BR | $1,350 | $196,749 | 0.69% | D |
| 4BR | $1,640 | $244,359 | 0.67% | D |
U.S. Census Bureau data (2024)
ZIP code 61241, located in Colona, Illinois, is situated within the Davenport-Moline-Rock Island, IA-IL MSA. To understand its position relative to other ZIP codes in the same metro area, we can analyze several key metrics: Fair Market Rent (FMR), market rent, home values, and renter share.
The Fair Market Rent for ZIP 61241 in fiscal year 2024 is set at $940. This is higher than the market rent of $838, indicating that the government's rental assistance programs may offer slightly better rates for tenants compared to what is typically available on the market. The home value in ZIP 61241 stands at $176,387, which suggests it is a middle-range housing market within the metro area.
A 17.2% renter share indicates a moderate proportion of renters in the area. However, when combined with the lower market rent and average home values, this points towards a potentially attractive location for landlords participating in Section 8 programs. The divergence between a relatively high renter share and below-average home values could signal that 61241 is a sweet spot for Section 8 investments, offering good opportunities for both rental income and property appreciation.
To further clarify the positioning of ZIP 61241 within the Davenport-Moline-Rock Island MSA, let's consider the broader context of typical ZIP codes within this metro. Generally, ZIP codes with higher FMRs and market rents tend to be premium sub-markets, while those with lower FMRs and market rents are considered value pockets. Given the specific figures, ZIP 61241 appears to be a value pocket, offering affordable housing options that are still within reach of Section 8 participants.
In conclusion, ZIP 61241 presents itself as a value pocket within the Davenport-Moline-Rock Island, IA-IL MSA, characterized by its affordability and potential attractiveness for Section 8 investments. Landlords and small-portfolio investors looking to capitalize on this trend should carefully evaluate the local demand and competition before making investment decisions.
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.