Location: Knox County, IL | Metro: Knox County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,270 |
| 5 Bedrooms | $1,473 |
| 6 Bedrooms | $1,650 |
| 7 Bedrooms | $1,782 |
| 8 Bedrooms | $1,871 |
U.S. Census Bureau data (2024)
The median income in ZIP code 61485 stands at $59,306, which places significant constraints on households when it comes to affording the market rate rent of $794 per month. This makes it challenging for residents to find housing that fits comfortably within their budget. The disparity between the median income and the market rent suggests a notable affordability gap.
Comparatively, the Fair Market Rent (FMR) set at $930 for the metro area in fiscal year 2026 is even higher than the current market rate. This indicates that the rental market in ZIP 61485 is already below the FMR benchmark, but still above what many residents can afford based on their income levels.
Given that only 8.1% of the 417 population are renters, the competition among landlords for tenants is likely to be fierce. Landlords must consider both the limited number of renters and the financial capacity of these potential tenants. The affordability gap means that landlords who rely solely on market-rate rents may struggle to fill vacancies, especially if they do not offer competitive amenities or pricing adjustments.
For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the analysis points towards a strategic decision. Accepting vouchers can provide a steady stream of income, though at a lower rate than the FMR. However, the scarcity of cash-paying tenants who can afford the market rate suggests that vouchers could be a reliable alternative. In conclusion, landlords should weigh the benefits of voucher stability against the potential for higher rents from fewer cash-paying tenants, keeping in mind the overall economic landscape of ZIP 61485.
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.