Location: Warren County, IL | Metro: Fulton County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,250 |
| 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)
ZIP code 61474, located within the Warren County, IL metro area, presents a unique profile when compared to other ZIP codes in the county. The Fair Market Rent (FMR) for 61474 stands at $860 for fiscal year 2024, which is a key figure for landlords and investors involved with Section 8 housing.
While specific market rent and home value data for 61474 are currently unavailable, we can make some inferences based on the available FMR and the 6.5% renter share. In Warren County, IL, the average FMR tends to be lower, typically around $700-$750 for similar-sized units. This suggests that 61474 has a slightly higher FMR, indicating potentially higher demand or costs in the area.
The renter share of 6.5% is notably low compared to the national average, which is around 30%. However, it's important to note that the renter share can vary widely between rural and urban areas, and Warren County is primarily rural. A low renter share in a rural setting might simply reflect the prevalence of owner-occupied homes rather than signaling a particular trend towards rental housing.
In the context of Section 8, ZIP 61474 could be considered a mid-tier neighborhood due to its FMR being above the county average but without definitive data on market rents or home values, it's difficult to classify it definitively as a value pocket or a premium sub-market. If the market rent were significantly higher than the FMR, it would indicate a value pocket where Section 8 properties offer relatively better deals. Conversely, if the market rent aligns closely with the FMR, then it would suggest a mid-tier neighborhood.
The lack of available market rent and home value data for 61474 makes it challenging to draw further conclusions. To determine if 61474 is a Section 8 sweet spot, additional research into local market conditions would be necessary. Specifically, identifying the divergence between the FMR and actual market rents would provide clearer insight into the potential profitability of Section 8 properties 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.