Location: Bureau County, IL | Metro: Davenport-Moline-Rock Island, IA-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,390 |
| 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)
13.9% of the population in ZIP 61344 are renters, indicating a modest demand for rental properties in the area. $44,063 is the median income, which suggests that while not exceptionally high, it is sufficient to support a stable rental market. However, the lack of data on median home values and days on market (DOM) makes it challenging to assess the overall housing market dynamics comprehensively.
$750 is the reported market rent according to Census ACS data, showing a clear gap between the market rate and the Fair Market Rent (FMR) set at $890 for zip code 61344 (FY 2024). This discrepancy can be leveraged by landlords and small-portfolio investors who are willing to meet the criteria for participating in the Section 8 program. The higher FMR provides an opportunity to increase rental income compared to the local market average.
The absence of data on the percentage of homes that have had their prices cut indicates that there is little pressure on sellers to reduce asking prices, suggesting a relatively healthy seller's market. However, this does not directly translate to the rental market, where competition among landlords can affect pricing strategies.
In summary, for landlords and small-portfolio investors looking to enter the Section 8 program in ZIP 61344, the higher FMR presents a favorable financial opportunity. Given the modest renter share and stable median income, the risk of default is likely manageable. The participation in Section 8 can provide a steady stream of income, albeit at a slightly higher administrative cost due to the need to adhere to HUD guidelines.
Verdict: Section 8 is viable in ZIP 61344 for landlords seeking stable tenants and higher rents than the local market average.
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.