Location: Bureau County, IL | Metro: Bureau County, IL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $138,991 | 0.68% | D |
| 3BR | $1,160 | $190,639 | 0.61% | D |
| 4BR | $1,290 | $240,638 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 61356, located in Princeton, IL, presents a nuanced rental market scenario for both tenants and landlords. The median household income in this area stands at $68,243. Considering the market rate for rent is $794 per month according to the Census ACS, it becomes evident that a significant portion of the local population faces challenges in affording housing without financial strain.
Comparatively, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970. This figure represents the amount paid by the Housing Choice Voucher Program, commonly known as Section 8, to cover a tenant's rent. However, the difference between the FMR and the actual market rate highlights an important point: landlords who accept vouchers might find themselves receiving a higher rent than the market rate, which could be advantageous given the economic conditions.
With approximately 27.1% of the population being renters and a total population of 10,799, the competition among landlords for tenants is moderate but present. The affordability gap between the median income and both the market rate and FMR suggests that many potential renters would require assistance to cover their housing costs. This creates a scenario where landlords who are willing to accept vouchers may have an edge over those who only accept cash payments.
The takeaway for landlords is clear: accepting vouchers can be a strategic move to ensure steady occupancy and potentially higher rental income than the current market rate. While cash-paying tenants offer immediate liquidity, the stability provided by voucher-supported rentals can be more beneficial in a market where a substantial number of residents face housing cost burdens.
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.