Location: Livingston County, IL | Metro: Grundy County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
The ZIP code 60470 presents an interesting scenario for both renters and landlords. Given the median income of $85,000, a household would find it challenging to afford the market rate rent of $775 per month, especially considering the Federal Market Rent (FMR) standard set at $1,490 for the fiscal year 2024.
To understand the affordability gap, let's break down the numbers. A household earning the median income would likely struggle to meet the FMR standard of $1,490 without financial strain. The market rate of $775 is significantly lower but still represents a substantial portion of a household's budget, particularly when accounting for other expenses such as utilities, groceries, and transportation.
The ZIP code has a relatively low percentage of renters at 9.5%, with a total population of 358. This means that the competition among landlords is not intense, but the demand for affordable housing remains a critical factor. Renters in this area will be looking for properties that offer the best value for their money, making affordability a key selling point.
For landlords, the decision between accepting Section 8 vouchers or relying on cash-paying tenants hinges on understanding the local rental market dynamics. While cash-paying tenants might offer higher monthly rents compared to the voucher payment standard, the limited number of renters in the area suggests that securing tenants could be more challenging. Accepting vouchers ensures a steady stream of income, albeit at a fixed rate, which can be beneficial in a market where finding willing renters is difficult.
The takeaway for landlords is that while the voucher payment standard is significantly higher than the market rate, it is still below what some might consider ideal. However, given the small number of renters and the high cost of living relative to income, landlords should focus on providing quality, affordable housing to attract tenants. This strategy not only helps fill vacancies but also contributes to the stability of the community by supporting those who rely on assistance to secure housing.
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.