Section 8 Fair Market Rent (FMR) for ZIP 60410 - 2027

Location: Grundy County, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,870
1 Bedroom	$1,970
2 Bedrooms	$2,320
3 Bedrooms	$3,050
4 Bedrooms	$3,500
5 Bedrooms	$4,060
6 Bedrooms	$4,547
7 Bedrooms	$4,911
8 Bedrooms	$5,157

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

14,239

Median Household Income

$118,976

Housing Units

4,816

Renter Percentage

10.7%

Occupancy Rate

97.2%

Renter Occupied

499

Housing Authorities Serving ZIP 60410

Housing Authority of Joliet (Joliet, IL) - 2,797 Section 8 vouchers
Grundy County Housing Authority (Morris, IL)

The ZIP code 60410, located in Channahon, Illinois, is a suburban area characterized by its blend of residential neighborhoods and rural charm. This region offers a stable environment for both homeowners and renters, with a growing interest in affordable housing options.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 60410 for fiscal year 2024 is set at $2,000.
The average market rent for properties in this ZIP code, according to the Census Bureau's American Community Survey, stands at $1,645.
The median home value in Channahon is $374,680, reflecting a mix of affordability and comfort.
Renters make up 10.7% of the population, indicating a smaller but steady demand for rental properties.
The median household income in the area is $118,976, suggesting that residents have the financial capability to support higher rents or mortgage payments.

Investors should note that while the FMR is set at $2,000 for a two-bedroom unit, the actual market rent is lower at $1,645. This gap indicates potential for rental price increases, especially given the relatively high median income. The median home value suggests a market where properties can appreciate over time, and although the renter share is modest, it provides a reliable tenant base. Overall, Channahon presents a balanced investment opportunity with room for growth in rental rates and property values.

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.