Location: Logan County, IL | Metro: Bloomington, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
19.0% of residents in ZIP 61723 are renters, indicating a moderate demand for rental properties in the area. The Fair Market Rent (FMR) for ZIP 61723 as of fiscal year 2024 is set at $970, which is slightly above the $846 average market rent reported by the Census Bureau's American Community Survey (ACS). This suggests that landlords can potentially charge higher rents for quality accommodations compared to the local average.
$160,645 is the median home value in ZIP 61723, reflecting a stable housing market where property values are relatively consistent. However, the median income of $85,230 might limit the purchasing power of many residents, making rentals a more viable option for a significant portion of the population.
The lack of data on days on market (DOM) and the percentage of price-cut share indicates that there is no significant fluctuation in property listings or pricing strategies, suggesting a steady market without major discounts or prolonged listing times. This stability is favorable for landlords and small-portfolio investors who prefer predictable cash flows and minimal vacancy periods.
In ZIP 61723, the disparity between the FMR and the market rent offers an opportunity for landlords to capitalize on the government-subsidized rental support through the Section 8 program. Given the median income levels and the reasonable gap between FMR and market rent, it is likely that tenants participating in Section 8 will be able to afford the difference, making it a viable investment strategy for those willing to navigate the program's requirements.
Verdict: ZIP 61723 presents a balanced opportunity for Section 8 participation, with a slight premium over market rents and a stable housing market.
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.