Location: McDonough County, IL | Metro: McDonough County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
7.8% of residents in ZIP 61416 are renters, indicating a modest demand for rental properties. Given the $990 Fair Market Rent (FMR) for the metro area in fiscal year 2026, landlords can set competitive rental rates that align with the local housing market. This figure is crucial for landlords looking to maximize their investment returns while ensuring affordability for tenants. The median income of $28,750 suggests that many potential tenants may rely on government assistance programs like Section 8 to cover their rent. Despite the lack of specific data on market rent and median home values, the FMR provides a reliable benchmark for pricing rental units. Landlords should be cautious about overpricing their units, as it could lead to extended vacancy periods and increased competition from other rental properties. The absence of data regarding days on market (DOM) and the percentage of price-cut shares indicates stability in the rental market, with fewer fluctuations in rental prices and demand. In conclusion, landlords in ZIP 61416 can expect a steady but moderate demand for rental properties, with the majority of tenants likely seeking affordable options. The Section 8 program is well-suited to this market, providing a consistent stream of qualified tenants at a fixed rate of $990 per month.
Verdict: Section 8 is a viable option for landlords in ZIP 61416, offering stable occupancy at a fair market rate of $990.
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.