Location: Warren County, IL | Metro: Warren County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The ZIP code 61417 has a population of 182 individuals, with an unusual statistic of 0.0% of them being renters. This indicates that the area is predominantly composed of homeowners rather than renters, suggesting that there is not a significant demand for rental properties in this ZIP code. The median household income is notably high at $105,724, which places residents in a relatively affluent category.
Given the lack of specific market rent data for ZIP 61417, it's challenging to provide an exact percentage of local income dedicated to rent. However, we can compare the median income to the Fair Market Rent (FMR), which is set at $950 for the fiscal year 2026 in the metro area. If we assume the FMR is indicative of the typical rent in the region, then rent would consume approximately 17.9% of the median household income. This is calculated by taking the FMR ($950) and dividing it by the median household income ($105,724), then multiplying by 12 months to annualize the rent figure and finally calculating the percentage.
The FMR of $950 is a critical benchmark for Section 8 vouchers, as it represents the maximum amount that a voucher holder can be expected to pay in rent. In ZIP 61417, landlords should anticipate tenants who might be utilizing vouchers but will likely face competition from homeownership, which is the dominant trend in the area. Due to the low percentage of renters, the pool of potential Section 8 tenants is also expected to be limited.
To summarize, ZIP 61417 is not a renter-heavy area and is unlikely to have a deep voucher demand. Landlords should prepare for a smaller tenant pool and consider the financial dynamics of having tenants whose rent contributions are capped at the FMR level. Given the high median income, typical rents in the area might be higher than the FMR, making it less likely for voucher holders to find affordable housing options without significant subsidies.
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.