Location: De Witt County, IL | Metro: De Witt County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 61735 presents an interesting scenario for both renters and landlords alike. Given the median household income of $93,125, it's important to consider how this compares to the rental market conditions.
Unfortunately, the market rate for rentals in ZIP 61735 is currently marked as N/A, which makes it challenging to provide a direct comparison to the median income. However, we can still analyze the situation using the Fair Market Rent (FMR) standards set by the government for the metro area in fiscal year 2026, which stands at $1,080. This figure represents the typical monthly rent payment accepted under the Housing Choice Voucher program, also known as Section 8.
With only 6.3% of the population being renters and a total population of 360, the demand for rental properties in ZIP 61735 is relatively low. This means that landlords face stiff competition when trying to attract tenants, especially those who might be able to pay higher rents. The affordability gap, therefore, is significant, as households earning the median income could potentially afford higher rent payments than the FMR suggests.
The takeaway for landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants is clear. Given the low percentage of renters and the high median income, there is a smaller pool of potential voucher holders compared to the broader rental market. Landlords who are willing to accept Section 8 vouchers will likely have fewer options and must weigh the benefits of stable, government-backed rent against the lower rates. On the other hand, those who aim for cash-paying tenants might find themselves competing in a more vibrant but selective market where the willingness to pay above the FMR is higher due to the area's economic conditions.
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.