Location: Kankakee, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,180 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,830 | $338,829 | 0.54% | F |
| 4BR | $2,090 | $396,484 | 0.53% | F |
U.S. Census Bureau data (2024)
21.1% of residents in ZIP code 60468 are renters, indicating a modest demand for rental properties in the area. Landlords should be aware that the Fair Market Rent (FMR) for Section 8 in this zip code for fiscal year 2024 is set at $1310, which represents the maximum rental assistance payment for a four-bedroom unit. This figure is significantly higher than the average market rent of $992, based on Census ACS data, suggesting that Section 8 vouchers could provide a substantial financial advantage over typical rental rates.
$327,823 is the median home value in ZIP 60468, which places it within a comfortable range for homeownership but also indicates that rental properties may be priced competitively to attract tenants. The median income of $104,625 in the area supports the notion that there is a reasonable economic base to sustain both rental and ownership markets.
Despite the absence of specific data regarding days on market (DOM) and the percentage of homes that have had their prices cut, the comparison between the FMR and the market rent provides a clear indication of the potential profitability of Section 8 participation. Given that the FMR exceeds the market rent, landlords can expect to receive payments that cover their costs and potentially offer a higher return on investment compared to the local rental market.
The verdict for Section 8 participation in ZIP code 60468 is positive, as the financial support offered through the program can help landlords maintain competitive pricing while ensuring stable and timely rental income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.