Location: Edgar County, IL | Metro: Edgar County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
27.2% of residents in ZIP 61924 are renters, indicating a notable demand for rental properties. With a Fair Market Rent (FMR) of $920 for metro areas in fiscal year 2026, landlords can set competitive rents that align with HUD guidelines. The Census ACS reports a market rent of $737, suggesting that there is room for landlords to increase their rental rates closer to the FMR without alienating potential tenants. The median home value in this area stands at $105,915, which is relatively low compared to national averages, making it an attractive location for first-time buyers and investors alike. However, the median income of $76,641 may limit the ability of some residents to afford higher rents, despite the FMR being set at $920. This discrepancy highlights the importance of understanding local economic conditions when setting rental prices. While the days on market (DOM) and the percentage of price-cut shares are not available, these figures would typically provide insights into the speed of property sales and the competitiveness of pricing in the area. Given the data, the Section 8 program could be a viable option for landlords looking to ensure stable occupancy and income, especially considering the lower median home values and the significant renter population.
The $920 FMR provides a benchmark for rental pricing, while the $737 market rent indicates current tenant affordability. Landlords should consider these figures when evaluating their rental strategies. For instance, setting rents slightly below the FMR but above the market rent could attract a mix of Section 8 participants and private tenants, thereby diversifying the tenant base. Additionally, the relatively low median home value of $105,915 suggests that the housing market in ZIP 61924 is less volatile and potentially more predictable for long-term investments. This stability can be beneficial for small-portfolio investors who prefer consistent returns over speculative gains.
A final consideration for landlords is the median income of $76,641, which can influence the types of properties that are most likely to attract tenants. Properties priced below or close to the median home value will likely appeal to a broader audience, including those who might qualify for the Section 8 program. In conclusion, ZIP 61924 presents a balanced opportunity for landlords and small-portfolio investors, with a favorable ratio of renters to homeowners and a manageable gap between market rents and the FMR. The Section 8 program can serve as a reliable tool for securing tenancy and maintaining steady cash flows.
Verdict: ZIP 61924 is suitable for Section 8 participation, given the high renter share and reasonable median income levels.
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.