Section 8 Fair Market Rent (FMR) for ZIP 60416 - 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	$1,140
1 Bedroom	$1,180
2 Bedrooms	$1,540
3 Bedrooms	$2,120
4 Bedrooms	$2,450
5 Bedrooms	$2,842
6 Bedrooms	$3,183
7 Bedrooms	$3,438
8 Bedrooms	$3,610

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

9,550

Median Household Income

$75,219

Housing Units

3,955

Renter Percentage

23.5%

Occupancy Rate

96.7%

Renter Occupied

899

Housing Authorities Serving ZIP 60416

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

The ZIP code 60416, encompassing Coal City, IL, offers a stable real estate market with a mix of rental and homeownership opportunities. The area is characterized by its affordability and strong economic foundation, making it attractive for both residents and investors.

Fair Market Rent (FMR): The FMR for ZIP 60416 in fiscal year 2024 is set at $1,460, indicating a reasonable price point for rental units that meets the needs of moderate-income families.
Market Rent: According to the latest Census ACS data, the average market rent in Coal City stands at $1,128, which is below the FMR and suggests a competitive rental market.
Median Home Value: The median home value in the area is $285,612, reflecting a middle-class community where homeownership remains accessible to many residents.
Renter Share: With 23.5% of households being renters, there is a significant but not overwhelming demand for rental properties, allowing landlords to maintain a balanced portfolio.
Median Income: The median household income in ZIP 60416 is $75,219, providing a solid financial base for both renters and potential homeowners.
Days on Market (DOM): The data does not provide a specific figure for days on market, which could indicate either a very active market or a lack of recent sales activity to analyze.

Investors looking to enter the Coal City market should consider the gap between Fair Market Rent and actual market rent as an opportunity for growth. While the median home value indicates a stable housing market, the renter share suggests that there's room for expansion in the rental sector without oversaturating the market. The median income supports a healthy tenant base capable of meeting rental obligations. However, the absence of days on market data means investors should be cautious about the pace of property turnover and focus on areas with higher occupancy rates to ensure steady cash flow.

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.