Section 8 Fair Market Rent (FMR) for ZIP 61413 - 2027
Location: Davenport-Moline-Rock Island, IA | Metro: Davenport-Moline-Rock Island, IA-IL MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $790 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$73,125
When considering whether to invest in ZIP 61413 for Section 8 properties, follow this decision tree:
- Does the FMR of $870 clear debt service on a $140,091 property?
- If yes: The Fair Market Rent (FMR) of $870 for ZIP 61413 in fiscal year 2024 is sufficient to cover the debt service on a property valued at $140,091. This indicates that the rental income can support the mortgage payments.
- If no: The FMR of $870 is not enough to clear the debt service on a property costing $140,091. This means the rental income will not fully cover the mortgage payments, making it a less viable investment for Section 8.
- Is market rent of $819 above, at, or below FMR?
- If above: Market rent exceeds the FMR, suggesting strong local demand and potential for higher-than-average rental income. This could be beneficial for non-Section 8 investments but does not directly impact the viability of Section 8 properties.
- If at: Market rent aligns closely with the FMR, indicating that the local rental market matches the federal guidelines for affordable housing. This is ideal for Section 8 properties as it ensures fair compensation.
- If below: Market rent is below the FMR, which might suggest an oversupply of rental units or other factors affecting the local rental market. However, for Section 8 properties, the FMR sets the ceiling, so this scenario is less relevant.
- Are 10.3% renters and N/A-day days on the market enough demand?
- If yes: With 10.3% of the population renting, there is a consistent demand for rental properties. While the days on the market (DOM) data is unavailable, the percentage of renters suggests a stable tenant pool.
- If no: The 10.3% rental rate may not indicate strong demand, especially if the days on the market are high. However, since DOM data is not available, this conclusion cannot be made definitively.
- It depends: The 10.3% rental rate alone does not provide a complete picture. It is crucial to assess other factors such as vacancy rates, local job markets, and the overall economic health of the area to determine if the demand is sufficient.
In summary, ZIP 61413 presents a mixed picture for Section 8 investment. The FMR is sufficient to cover debt service on a property valued at $140,091, and market rent aligns with the FMR, providing a stable income source. However, the rental rate and DOM data are incomplete, requiring further investigation into local market conditions before making a final decision.
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.