Location: Whiteside County, IL | 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 | $780 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,050 | $173,821 | 0.6% | D |
| 3BR | $1,390 | $238,992 | 0.58% | F |
| 4BR | $1,690 | $292,273 | 0.58% | F |
| 5BR | $1,960 | $317,745 | 0.62% | D |
U.S. Census Bureau data (2024)
The ZIP code 61254, located in Geneseo, IL, has a population of 12,135 residents, with 16.2% of them being renters. This indicates that it is primarily a homeowner-dominated area, rather than a renter-heavy ZIP. The median household income stands at $92,297, which is relatively high compared to the national average.
The market rent for the area is $1,015, which constitutes approximately 11% of the median household income. This suggests that while rent is not an insignificant expense, it is manageable for most households given their income levels. The Fair Market Rent (FMR) for FY 2024 is set at $950, slightly below the current market rent, indicating that tenants relying on vouchers may face some difficulty finding affordable housing.
The scarcity of voucher demand in ZIP 61254 is evident from the low percentage of renters and the higher median income levels. Landlords should anticipate tenants who are likely employed and have stable incomes, able to pay market rents without significant reliance on government subsidies. However, those who do qualify for Section 8 vouchers will find the rent-to-income ratio challenging, as the market rent exceeds the FMR by $65.
In conclusion, landlords in Geneseo, IL, should prepare for a tenant pool that largely consists of individuals who can afford market rates. Those seeking assistance through Section 8 vouchers will be a smaller segment of the rental market, and they will need to carefully manage their budgets to meet the higher-than-FMR rental costs.
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.