Location: Knox County, IL | Metro: Knox County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
16.4% of the population in ZIP 61430 are renters, indicating a modest but present demand for rental properties. The Fair Market Rent (FMR) for the metro area as of fiscal year 2026 is set at $940, which is significantly lower than the $1,046 market rent observed according to Census ACS data. This discrepancy suggests that there's room for landlords to charge above the FMR without deterring tenants, given the higher market rates.
$79,333 is the median income in ZIP 61430, providing insight into the economic capacity of potential tenants. While the median home value is not available, the lack of data on days on market (DOM) and the percentage of price-cut share indicates stability in the housing market, with few signs of over-supply or rapid price fluctuations.
The $940 FMR can be used as a benchmark for setting rents that are affordable for low-income families seeking assistance through the Section 8 program. However, given the $1,046 market rent, it's evident that the local rental market can support higher rates, suggesting that landlords might consider pricing their units slightly above the FMR to maximize profitability while still remaining within reach for eligible tenants.
Landlords in ZIP 61430 should also be aware of the competitive landscape. With a renter share of 16.4%, the market isn't overly saturated with renters, meaning that landlords must ensure their properties offer good value to attract tenants. This could involve maintaining high standards of property maintenance and management to keep turnover low and occupancy high.
In conclusion, the data points towards a stable rental market with opportunities for landlords to charge slightly above the FMR without losing tenants. The Section 8 program remains a viable option for landlords willing to participate, given the alignment between the FMR and the economic realities faced by many residents. Verdict: Section 8 participation is advisable for landlords looking to stabilize cash flow and serve a reliable tenant base.
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.