Location: Putnam County, IL | Metro: Putnam County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 61335 represents a small community with a total population of 312 individuals. Only 15.7% of the residents are renters, indicating a predominantly owner-occupied area. The median household income stands at $71,750, reflecting a relatively affluent neighborhood where most residents have a comfortable standard of living. However, the median home value is not available, which could be due to the limited number of homes in the area or recent fluctuations in the housing market.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970. In contrast, the current market rent, as per Census ACS data, is $833. This suggests that there is a potential for rental rates to increase, aligning closer with the FMR, which could benefit landlords looking to adjust their pricing in line with government standards.
Given these characteristics, ZIP 61335 would suit a hands-off voucher operator who can rely on the existing low rental rate environment while waiting for potential increases in market rents. For those interested in value-add strategies, the opportunity may lie in improving properties to justify higher rents approaching the FMR level, although the small size of the population and the high percentage of homeowners suggest a limited pool of potential tenants.
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.