Section 8 Fair Market Rent (FMR) for ZIP 61428 - 2027
Location: Knox County, IL | Metro: Knox County, IL
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $710 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$77,143
Housing Authorities Serving ZIP 61428
A skeptical investor considering the ZIP code 61428 might raise several objections regarding the viability of investing in this area through the lens of Section 8 real estate analysis.
- Will FMR $920 (metro FY 2026) cover the mortgage on a $325,509 home?: The Fair Market Rent (FMR) of $920 for the metro area in fiscal year 2026 must be scrutinized against the cost of a typical home valued at $325,509. According to recent estimates, the median home value in 61428 is approximately $262,774. This suggests that a $325,509 home is above the median, making it less likely to be covered by the FMR without additional income sources or a significant down payment. However, the FMR does provide a baseline for what the government will subsidize, ensuring a steady stream of tenants who can afford the rent.
- Is there enough renter demand at 4.6%?: The rental market demand in ZIP 61428 appears limited, with only 30 more apartments matching filters just outside the ZIP code and no houses listed for rent within the ZIP itself. This low demand rate of 4.6% indicates a relatively small pool of potential renters. While this could pose a challenge, it also means competition among landlords is lower, potentially leading to higher occupancy rates once a tenant is secured. Additionally, the presence of pet-friendly apartments may attract a niche segment of renters willing to pay slightly higher rates.
- Will vouchers keep pace with N/A market rents?: There is a lack of specific data on how housing vouchers in ZIP 61428 compare to market rents. Given the lower median home values, it's plausible that vouchers could cover a larger portion of the rent in this area. However, the absence of concrete figures makes it difficult to provide a definitive answer. Investors should monitor local trends and consider the possibility of adjusting their expectations based on the actual performance of vouchers versus market rents.
In conclusion, while the data presents some challenges, particularly with the high cost of homes relative to FMR and limited rental demand, there are also opportunities. Pet-friendly options can attract a specific type of tenant, and the lower competition in the rental market can help maintain occupancy rates. The uncertainty around housing vouchers necessitates ongoing monitoring but does not preclude investment in this ZIP code.
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.