Location: Davenport-Moline-Rock Island, IA | Metro: Davenport-Moline-Rock Island, IA-IL MSA
| 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 |
U.S. Census Bureau data (2024)
The rent math in ZIP 61258, part of the Davenport-Moline-Rock Island, IA-IL MSA, does not work favorably for landlords due to the Federal Market Rent (FMR) set at $860 for the fiscal year 2024. This figure represents the maximum amount that tenants participating in the Section 8 program can pay towards rent. Unfortunately, the market rent for the area is not available, which makes it challenging to directly compare the FMR against what tenants might be willing to pay independently.
Regarding the affordability of acquisitions, the data lacks specific figures on median home values, days on market (DOM), and the percentage of homes requiring price cuts. Without these details, it's difficult to assess whether buying properties in this ZIP code is financially feasible for landlords looking to enter the market. The absence of such data suggests a need for further investigation into local real estate trends and conditions.
Tenant demand in ZIP 61258 is modest, with a total population of 182 and only 7.0% of residents being renters. This low renter share indicates that the majority of the population owns their homes, which could make it harder for landlords to find tenants willing to participate in the Section 8 program. Given the small population size, the pool of potential Section 8 tenants is limited, reducing the attractiveness of this ZIP code for rental investments.
In conclusion, ZIP 61258 presents significant challenges for landlords and small-portfolio investors interested in Section 8 properties. The rent math is unfavorable due to the low FMR of $860, and without clear data on median home values and other acquisition metrics, the cost-effectiveness of property purchases remains uncertain. Additionally, the low renter share and small population size suggest limited tenant demand, making this area less appealing for investment. Landlords should carefully consider these factors before deciding to invest in this ZIP code.
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.