Location: Knox County, IL | Metro: Davenport-Moline-Rock Island, IA-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 housing market in ZIP 61490 reveals a significant gap between the Fair Market Rent (FMR) set at $860 for fiscal year 2024 and the actual market rent of $629 based on the Census ACS data. This disparity stands at $231, or approximately 36.6%, indicating that landlords could potentially receive higher payments through the Section 8 program compared to the open market.
The FMR is higher than the market rent, making ZIP 61490 a yield play for landlords who accept Section 8 vouchers. With 23.2% of residents being renters and a median home value of $151,957, there is a clear need for affordable housing options. Additionally, the median income of $65,625 suggests that many residents might benefit from the financial support offered by Section 8 vouchers.
In this context, accepting Section 8 tenants can provide a steady and reliable source of income, often at rates above what the market would typically bear. Landlords should consider the administrative aspects of participating in the program, such as adhering to HUD standards and undergoing periodic inspections, but the potential for higher yields makes it a viable strategy for those looking to maximize their rental income in ZIP 61490.
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.