Location: Ford County, IL | Metro: Bloomington, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 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)
The analysis of ZIP code 61845 in Ford County, Illinois, reveals critical insights for landlords and small-portfolio investors considering investment in this area.
Firstly, the rent math does not align favorably with the Federal Market Rent (FMR) set at $930 for the fiscal year 2024. The absence of specific market rent data suggests that local rental rates may be below or significantly different from the FMR, which could pose challenges in covering operational costs and achieving profitability without subsidies.
Regarding property acquisition, the lack of detailed data on median home values, days on market (DOM), and the percentage of price cuts shared among sellers indicates an incomplete picture. This scarcity of information makes it difficult to assess the affordability of acquiring properties in the area. Landlords and investors would need to conduct further research to understand the local real estate market dynamics fully.
Tenant demand is present but limited. With a total population of 233, the 31.5% renter share translates into approximately 73 potential tenants. While this figure suggests some demand, the small number of residents and renters may limit the pool of qualified applicants and affect occupancy rates.
In conclusion, while ZIP 61845 presents a viable opportunity for landlords and small-portfolio investors due to the presence of tenant demand, the unclear rent math and insufficient data on property acquisition affordability pose significant risks. Investors should proceed with caution and seek additional local market intelligence before committing capital to this 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.