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 ZIP code 61276 presents a unique rental market scenario for both renters and landlords. The median income in this area stands at $87,750, which is significantly higher than the voucher payment standard of $910 per month set for fiscal year 2024.
However, the market rate for rentals in this ZIP code is currently marked as 'N/A', suggesting limited data on typical rental costs. This absence of information makes it challenging to assess whether a household earning the median income can comfortably afford the local market rate for housing.
The voucher payment standard of $910 is based on the Fair Market Rent (FMR), which is intended to cover the cost of modest housing in the area. Given the median income, it's likely that many households could afford higher rent rates without relying on vouchers, especially considering the low percentage of renters—only 0.0%. The total population is 88, indicating a very small community.
This situation implies a significant affordability gap, where the local rental market may not be fully utilizing the economic potential of the area. For landlords, this means that competition might be quite low, given the small number of renters and the lack of detailed market rate data.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: focusing on cash-paying tenants could be more profitable, given the high median income and the scarcity of rental units. However, landlords should also be prepared for the possibility of serving a niche market, as the demand for rentals appears to be minimal. If they choose to accept vouchers, they must ensure their properties meet the necessary standards and are willing to accept the lower rent payments that come with them.
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.