Location: Knox County, IL | Metro: Knox County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
U.S. Census Bureau data (2024)
The Section 8 analysis for ZIP code 61402 centers around the discrepancy between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR stands at $920. However, the market rent is currently unreported (N/A), which means we cannot calculate an exact percentage gap or determine whether the FMR exceeds or falls short of the market rate.
In scenarios where FMR surpasses the market rent, landlords can benefit from a higher rental income through voucher tenants, making it a yield play. The guaranteed payment from the Housing Choice Voucher program ensures steady cash flow, which can be more advantageous than relying solely on the open-market rates that may fluctuate or be lower due to economic conditions.
Conversely, if the FMR is less than the market rent, landlords must consider the potential financial impact of accepting housing voucher tenants who pay below the prevailing market rates. This could reduce the overall profitability of the property compared to renting at open-market rates.
To anchor this analysis, we look at the broader context of ZIP 61402: N/A% of residents are renters, the median home value is N/A, and the median income is N/A. These figures suggest that without concrete market rent data, the decision to participate in the Section 8 program should be carefully weighed against the local economic landscape and the landlord's investment goals.
Landlords and small-portfolio investors in ZIP 61402 should monitor the market rent trends closely to make informed decisions about accepting Section 8 tenants. While the FMR provides a benchmark, the actual market conditions will dictate whether participating in the program is financially beneficial.
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.