Location: Lee County, IL | Metro: Bureau County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
U.S. Census Bureau data (2024)
The ZIP code 61349 stands out in its county with a population of 1,151 residents, where only 12.3% are renters. The median income here is relatively high at $71,375, and the median home value is even higher at $146,432. These figures suggest that the area is predominantly owner-occupied, with a significant portion of the population having disposable income above the national average.
Moving into the specifics of voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, while the current market rent, according to the Census ACS, is $775. This discrepancy indicates that landlords participating in the Section 8 program can expect a slightly higher rent compared to the local market rates. However, it's crucial to note that the rental market share is low, which might limit the number of potential tenants who could benefit from these vouchers.
The data signature for ZIP 61349 reads as stable. With a higher median income and home values, there is a strong economic foundation that supports both homeownership and potentially more robust property values. Landlords should consider the local rental demand carefully before investing in properties intended for Section 8 tenants, given the relatively low percentage of renters in the area. Despite the economic stability, the limited rental market may pose challenges for portfolio diversification and scale.
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.