Location: Knox County, IL | Metro: Davenport-Moline-Rock Island, IA-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
The median income in ZIP code 61414 stands at $48,929, which places significant constraints on households' ability to afford the market rate rent of $940. This means that a substantial portion of the population would struggle to pay the market rate without financial strain. The federal payment standard for Housing Choice Vouchers in this area for fiscal year 2024 is set at $860, which is closer to the average household's budget but still represents a considerable expense.
Given that only 4.8% of the 696 residents are renters, the pool of potential tenants is quite limited. This scarcity of renters intensifies the competition among landlords, as they vie for the few available tenants who can meet their rental demands. However, with the median income being relatively low, many potential renters may be inclined towards seeking assistance through vouchers, which offer a more affordable option.
The affordability gap between the market rate ($940) and the voucher payment standard ($860) highlights the challenge for landlords who wish to maximize their income. Renters in ZIP 61414 have limited resources, and landlords must consider the balance between accepting vouchers, which provide steady, government-backed payments, and renting to cash-paying tenants who might offer slightly higher rates but pose a greater risk of default.
Takeaway: Landlords in ZIP 61414 should prepare for a competitive environment where attracting tenants is key. Accepting vouchers can ensure a reliable income stream and access to a segment of the population that otherwise might not be able to afford housing. While the voucher rate is lower than the market rate, it provides a stable and guaranteed payment, which is crucial in a market with limited rental demand.
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.