Location: Fulton County, IL | Metro: Fulton County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,300 |
| 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)
The ZIP code 61431 presents several challenges for landlords considering Section 8 investments. Tenant turnover can be a significant issue when comparing the market rent, which is currently unavailable, to the $880 Fair Market Rent (FMR) for fiscal year 2024. This discrepancy suggests that landlords might face higher tenant churn rates as they adjust to the subsidized rent levels.
Vacancy exposure is another critical factor, as the days on market (DOM) figure is also not available. This lack of data makes it difficult to predict how quickly properties might fill up, especially during periods of high turnover. Landlords need to be prepared for extended vacancy periods that could impact their cash flow.
The deferred maintenance exposure is notable in this area due to the unknown typical home value and the median income of $53,750. Without a clear understanding of property values, it's challenging to assess the potential for maintenance backlogs, which can be costly to address. Additionally, the median income suggests that residents may have limited funds for non-essential repairs, increasing the likelihood of maintenance issues.
Despite these risks, the ZIP code has a 3.8% renter share, indicating a high concentration of renters. This high density typically translates into a robust demand for housing vouchers, making it easier for landlords to find tenants who qualify for Section 8 assistance. The availability of voucher holders can mitigate some of the financial risks associated with vacancy and turnover.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.