Location: Warren County, IL | Metro: Davenport-Moline-Rock Island, IA-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
The ZIP code 61476 is situated in a predominantly homeowner-focused neighborhood, with only 6.6% of the 551 residents being renters. The median income in this area stands at $88,264, indicating a relatively affluent community where most individuals can afford their own homes. Despite the limited rental market, there is an opportunity for investors interested in Section 8 housing.
The Fair Market Rent (FMR) for ZIP 61476 in fiscal year 2024 is set at $880, which is notably lower than the average market rent of $1,097 as reported by the Census Bureau's American Community Survey (ACS). This disparity suggests that landlords who participate in the Section 8 program could still achieve reasonable cash flows while providing affordable housing options to low-income families.
Given the characteristics of ZIP 61476, it may be more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The low percentage of renters and the affluent nature of the community imply a smaller pool of potential Section 8 tenants. Additionally, the higher median income indicates that the majority of residents can afford market-rate rents, reducing the overall demand for subsidized housing. Therefore, landlords should carefully consider the local demand before investing in properties for Section 8 tenants.
For those who decide to enter this market, focusing on maintaining properties at the required standards without extensive renovations might be the best strategy. The goal would be to ensure a steady stream of rental income with minimal operational challenges, given the limited number of Section 8 participants in the area.
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.