Location: Coles County, IL | Metro: Coles County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 61931 represents a small community with a population of 1,350 residents, where 21.4% of the populace are renters. The median household income in this area stands at $74,125, indicating a middle-class neighborhood. Notably, the median home value is significantly lower at $142,010, which suggests an affordable housing market.
From an investment perspective, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,080. In contrast, the current market rent based on Census ACS data is $851. This discrepancy presents an opportunity for landlords and small-portfolio investors to potentially increase rental income while still remaining competitive within the local market.
Given these economic conditions, ZIP 61931 could be a suitable location for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the lower market rent compared to the FMR means that properties in this ZIP code can attract Section 8 tenants without requiring extensive property management. Meanwhile, for hands-on investors looking to add value, there is room to improve property quality and raise rents closer to the FMR level, thereby increasing profitability.
In conclusion, the ZIP 61931 offers a balanced environment for real estate investments, particularly for those interested in Section 8 properties. With a manageable number of renters and a favorable gap between market rent and FMR, it supports both passive and active investment strategies.
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.