Location: McDonough County, IL | Metro: Fulton County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
0.0% of the residents in ZIP 61459 are renters, indicating a predominantly owner-occupied area. This statistic suggests that landlords might face limited demand in this region. However, for those interested in the rental market, the Fair Market Rent (FMR) for ZIP 61459, as of fiscal year 2024, is set at $870. This figure represents the maximum amount that landlords can charge tenants participating in the Section 8 program, ensuring a stable income stream regardless of local market conditions. The median income of $52,813 provides insight into the financial capacity of potential tenants, though it's important to note that this does not directly correlate to the income level of those who would qualify for Section 8 assistance.
The lack of available data on market rent and median home value indicates that these metrics are either not tracked or are not significant in this particular ZIP code. This absence of information can make it challenging to compare the FMR against actual market rents, but it also highlights the unique nature of the ZIP 61459 housing market. Landlords should be aware that there is no day DOM (Days On Market) or price-cut share data available, which means they cannot rely on these indicators to gauge property listing performance or adjust their pricing strategies accordingly.
In conclusion, while the rental market share is minimal at 0.0%, the Section 8 program offers a predictable revenue source at $870 per unit. Given the low renter share, landlords and small-portfolio investors should focus on the benefits of guaranteed payments and tenant stability rather than high occupancy rates. The median income of $52,813 suggests that tenants may have additional financial resources beyond their Section 8 vouchers, potentially reducing the risk of non-payment. Verdict: Section 8 is a viable option for landlords in ZIP 61459 due to the guaranteed payment structure and low competition in the rental market.
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.