Location: Fulton County, IL | Metro: Fulton County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 61563 reveals that voucher tenants will cashflow marginally at the HUD Fair Market Rent (FMR) rate of $810 per month for FY 2024. This is because the average market rent, as reported by the Census American Community Survey (ACS), stands at $1,125 per month. Therefore, landlords can expect a slight challenge in covering their expenses with FMR rates, but it remains feasible with careful management.
To understand the investment potential, consider the median home value in ZIP 61563, which is $67,595. The rent-to-price ratio, calculated using the market rent figure, comes out to approximately 20.5 times the annual rent ($1,125 * 12 = $13,500). This suggests that the cost of buying a home is relatively low compared to renting, which could influence the local rental market dynamics. However, given the high proportion of renters in the area, the demand for rental properties, particularly those accepting Section 8 vouchers, remains strong.
The data does not provide specific information on the median Days on Market (DOM) or the percentage of homes that have experienced price cuts. Nevertheless, these metrics would be relevant if there were significant fluctuations in the housing market affecting the rent-versus-buy decision-making process. In the absence of such volatility, the primary focus should remain on the steady income from rental properties.
The strongest angle for investors in ZIP 61563 is likely stability. Given the consistent demand for rental units and the manageable gap between market rents and FMR, investors can expect reliable and predictable cash flows. This makes the area an attractive option for those seeking a stable investment with long-term returns.
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.