Location: Davenport-Moline-Rock Island, IA | Metro: Davenport-Moline-Rock Island, IA-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The ZIP code 61242 presents a dynamic rental market, with the Fair Market Rent (FMR) set at $950 for fiscal year 2024, indicating the government's benchmark for affordable rental rates in the area. In comparison, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $850. This suggests that the market rent is currently below the FMR, which could imply that the rental market is experiencing some pressure from supply, although not conclusively so given the lack of detailed time-series data.
The median home value in the ZIP is $224,195, reflecting a relatively stable housing market. However, the key indicator here is the 13.2% renter share, which points to a significant portion of the population preferring or being forced into renting rather than owning property. This figure can be interpreted as a sign of ongoing long-term housing pressure, where a substantial number of residents are unable to enter the homeownership market due to financial constraints or other factors. As a result, the rental market remains vital and potentially under consistent demand.
The absence of specific data on price-cut share and days on market (DOM) makes it challenging to pinpoint whether there is an immediate surplus or shortage of rental properties. However, the fact that market rents are lower than the FMR suggests that landlords might be willing to negotiate on pricing to attract tenants, indicating a potential softness in the rental market. This dynamic could be influenced by various factors including economic conditions, employment trends, and the availability of rental units.
In summary, ZIP 61242 is characterized by a rental market that is slightly below the affordability threshold set by the FMR, with a significant percentage of residents choosing or needing to rent. This points towards a steady demand for rentals, driven by the inability or unwillingness of a considerable portion of the population to purchase homes. The overall picture suggests a market where demand is likely to remain strong, supported by the high renter share, but where supply also plays a role in keeping market rents below the FMR.
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.