Section 8 Fair Market Rent (FMR) for ZIP 61264 - 2027

Location: Davenport-Moline-Rock Island, IA | Metro: Davenport-Moline-Rock Island, IA-IL MSA

Investment Score for ZIP 61264

Monthly Rent (2BR)

$1,150

Median Price (2BR)

$133,197

1% Rule

0.86%

Annual Yield

10.36%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$860
1 Bedroom	$930
2 Bedrooms	$1,150
3 Bedrooms	$1,520
4 Bedrooms	$1,850
5 Bedrooms	$2,146
6 Bedrooms	$2,404
7 Bedrooms	$2,596
8 Bedrooms	$2,726

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,150	$133,197	0.86%	C
3BR	$1,520	$189,460	0.8%	C
4BR	$1,850	$285,682	0.65%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

10,073

Median Household Income

$78,068

Housing Units

5,170

Renter Percentage

20.0%

Occupancy Rate

93.0%

Renter Occupied

962

Milan, Illinois, located in ZIP code 61264, is a small town that offers potential for real estate investment, particularly for those interested in the rental market. The area's modest size and stable economic conditions make it an attractive location for landlords and small-portfolio investors looking to secure steady returns.

The Fair Market Rent (FMR) for a two-bedroom apartment in Milan, IL for fiscal year 2024 is set at $1010, providing a benchmark for rental pricing.
The average market rent for the same type of unit, according to Census ACS data, is $898. This indicates that there is room for price adjustments to align with the FMR, potentially increasing rental income.
The median home value in the area stands at $182,682, which is relatively low compared to larger metropolitan areas, making property acquisition feasible for investors.
Renters constitute 20.0% of the housing market, suggesting a smaller but still significant demand for rental properties.
The median income in Milan, IL is $78,068, which is above the national average and supports the ability of residents to afford higher rents.
The Days on Market (DOM) data is currently N/A, indicating that there might be limited recent sales activity, which could mean less competition for acquiring properties.

In summary, Milan, IL presents a balanced opportunity for real estate investors. With a median income above the national average, the potential exists to increase rents towards the FMR without significantly impacting affordability. The lower median home values suggest a favorable entry point for purchasing properties. However, the limited DOM data implies a need for caution in estimating property turnover rates and market liquidity. For those willing to invest in a stable, smaller-market environment, Milan could offer consistent returns through rental properties.

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.