Location: Fulton County, IL | Metro: Fulton County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
U.S. Census Bureau data (2024)
The ZIP code 61519 represents a small, rural community with a total population of 235. Approximately 24.5% of residents are renters, indicating a primarily owner-occupied area. The median household income is $37,941, which suggests that while the area is not affluent, it is stable and has a mix of economic backgrounds. The lack of a reported median home value points to limited real estate transactions, further supporting the idea of a tight-knit, less volatile market.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 61519 as of fiscal year 2024 is set at $810. However, the actual market rent, according to Census ACS data, is significantly lower at $590. This discrepancy presents an opportunity for investors to potentially increase rents closer to the FMR level without alienating tenants who rely on Section 8 vouchers.
Given these dynamics, ZIP 61519 would be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the low market rent and high percentage of owner-occupiers mean there's a reduced risk of vacancy and a steady stream of income from voucher holders. For value-add buyers, the potential exists to improve properties and command rents closer to the FMR, thus increasing profitability. However, the success of either strategy hinges on understanding the local market's unique challenges and opportunities, such as the limited number of renters and the overall economic profile of 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.