Location: McDonough County, IL | Metro: Hancock County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
88,949 The median home value in Colchester, IL, stands at $88,949, indicating a relatively affordable market for both homeowners and investors. 21.0% Renter share in the area is at 21.0%, suggesting a modest but present demand for rental properties. 960 For the upcoming fiscal year 2026, the Fair Market Rent (FMR) for the metro area has been set at $960, which provides a benchmark for rental pricing that aligns with government assistance programs. 65,000 With a median income of $65,000, tenants in the area have the potential to afford higher rents while still qualifying for Section 8 subsidies. N/A The lack of specific data on days on market (DOM) and the percentage of price-cut share does not provide insight into the current dynamics of the housing market, such as how quickly properties are selling or if there's a trend towards lowering prices to attract buyers. However, the combination of an affordable median home value and a defined FMR can be leveraged effectively by landlords and small-portfolio investors looking to participate in the Section 8 program. The presence of Section 8 ensures a steady stream of qualified tenants who can pay a significant portion of their income towards rent, making it a reliable option for those seeking stable returns on their investments. Given the parameters, the Section 8 program presents a viable opportunity for investment in Colchester, IL.
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.