Location: Davenport-Moline-Rock Island, IA | Metro: Davenport-Moline-Rock Island, IA-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,040 |
| 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 ZIP code 61259 presents an interesting scenario for both renters and landlords. The median income in this area stands at $91,458, which is significantly higher than the national average. However, without specific market rate data, it's challenging to provide a direct comparison to the median income.
The Fair Market Rent (FMR) for ZIP 61259, as determined by the government for fiscal year 2024, is set at $1200. This figure represents the amount that Section 8 vouchers will cover, offering insight into the rental assistance available to low-income households. Given the high median income, it suggests that while some residents may qualify for assistance, others might be able to pay more on the open market.
With only 8.5% of the 1,053 population being renters, the competition among landlords is likely to be relatively low. This means that landlords who are willing to accept Section 8 vouchers can potentially capture a larger share of the rental market in this ZIP code, as there are fewer options for tenants seeking affordable housing.
The affordability gap in 61259 is significant, considering the high median income but limited rental market. Landlords should consider the benefits of accepting Section 8 vouchers, which can ensure a steady stream of rental income despite the lower rates compared to market value. While some may opt for cash-paying tenants who can afford higher rents, the scarcity of renters in this area could make voucher acceptance a viable strategy to maintain occupancy and cash flow.
Takeaway: For landlords in ZIP 61259, accepting Section 8 vouchers can be a strategic move to secure tenants in a low-renter market. Although the FMR of $1200 may be below the potential market rate, it provides a reliable income source. Landlords should weigh the advantages of guaranteed payments against the possibility of finding cash-paying tenants willing to pay more, given the area's high median income.
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.