Location: Warren County, IL | Metro: Davenport-Moline-Rock Island, IA-IL MSA
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 | $740 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $840 | $102,093 | 0.82% | C |
| 3BR | $1,350 | $135,378 | 1% | C |
U.S. Census Bureau data (2024)
ZIP code 61401, located within the Warren County, IL metro, presents a unique profile compared to other ZIP codes in the same county. The Fair Market Rent (FMR) for 61401 in fiscal year 2024 is set at $860, which is slightly higher than the market rent figure of $810. This suggests that while the FMR is designed to be a benchmark for affordability, actual rental rates in the area are slightly lower, indicating a potential for landlords to attract tenants without significantly undercutting their rental income.
The median home value in 61401 stands at $99,710, which is notably lower than what might be expected in a typical Warren County ZIP code. This lower home value can be seen as an advantage for small-portfolio investors looking to acquire properties at a lower cost, potentially increasing their profit margins when renting out these homes.
A key statistic to note is the 36.1% renter share in ZIP 61401. This percentage is relatively high, suggesting a significant portion of the population rents rather than owns their homes. When combined with the lower-than-average home values, it points towards a possible concentration of rental properties that cater to lower-income residents, including those who may qualify for Section 8 housing assistance.
Given the specific figures, ZIP 61401 can be classified as a value pocket within the Warren County, IL metro. Its lower home values and slightly above-market FMR indicate that it offers opportunities for investment at a reduced entry cost. However, the high renter share suggests that demand for rental properties is strong, making it a viable option for landlords seeking steady occupancy rates.
To further clarify the investment landscape, consider the following:
These factors collectively suggest that ZIP 61401 could be particularly attractive for investors interested in Section 8 properties, given the high renter share and relatively low property values. It is a sub-market where the potential for affordable acquisition and stable rental income exists, making it a valuable consideration for real estate investments in the area.
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.