Location: Warren County, IL | Metro: Knox County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 61423 presents an interesting scenario when analyzed from a renter's perspective. The median income for households in this area stands at $78,594, which provides a solid financial foundation for residents. However, the market rate for rentals is listed as N/A, indicating incomplete data on current rental prices. Despite this, we can still draw insights by comparing the median income to the Fair Market Rent (FMR) standard set by the government for Section 8 vouchers.
The FMR for the metro area, effective for fiscal year 2026, is $920. This figure represents the amount that the housing voucher program will pay towards a tenant's rent. Given the median income, it is reasonable to assume that a household in ZIP 61423 could afford higher market rates than the voucher limit, suggesting a potential affordability gap where some tenants might prefer or be able to pay above the voucher rate.
With 24.4% of the 638 population being renters, there is a notable segment of the community that relies on rental housing. This percentage indicates a moderate level of demand for rental properties. Landlords should consider that while there is a pool of potential tenants who could benefit from the voucher program, there are also those who might be willing to pay more due to their higher income levels.
The takeaway for landlords considering voucher versus cash-pay strategies in ZIP 61423 is clear. While accepting vouchers ensures a steady stream of rental payments, it caps your income at the FMR of $920. On the other hand, targeting cash-paying tenants who can afford higher rents based on the median income could yield greater returns. Landlords should assess the local rental market and the balance between voucher and non-voucher tenants to determine the most profitable strategy. Understanding the demographics and financial capabilities of potential renters will be key in making informed decisions about pricing and tenant selection.
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.