Location: Bureau County, IL | Metro: Bureau County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The ZIP code 61374 presents a unique challenge for renters and landlords alike. Given the median income of $59,432, households in this area face difficulties in affording the market rate rent, which is currently listed as N/A. This lack of data on market rates suggests either an underdeveloped rental market or insufficient reporting, making it hard to gauge the exact affordability gap.
However, we can draw comparisons using the Fair Market Rent (FMR) standard of $950, applicable for metro areas during fiscal year 2026. This figure represents a benchmark for what is considered affordable based on the median income. At 9.7% of the population being renters and a total population of 56, the competition among landlords in this area is relatively low, indicating a niche market with limited opportunities.
The scarcity of renters means that landlords have fewer potential tenants to choose from, but also suggests that those who do rent may be more likely to rely on housing vouchers to cover their living expenses. The FMR of $950 aligns closely with the voucher payment standard, which could make it easier for landlords to accept voucher tenants without significant financial strain.
For landlords considering whether to adopt a voucher-friendly strategy or stick with cash-paying tenants, the key takeaway is clear. Given the limited number of renters and the alignment between the FMR and voucher payment standards, accepting vouchers could be a viable approach to fill vacancies and ensure steady rental income. However, it's important to note that the overall demand for rentals is low, so landlords must weigh the benefits of accepting vouchers against the risks associated with a smaller 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.