Location: Grundy County, IL | Metro: Grundy County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,870 |
| 3 Bedrooms | $2,570 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60474 in fiscal year 2024 is set at $1390. This figure represents the payment standard for Section 8 housing vouchers, which is the amount the government will pay towards a tenant's rent. It does not reflect the total rent you can charge your tenants; rather, it caps the portion of the rent covered by the voucher.
To put this into perspective, the average rent in ZIP 60474, according to the latest Census American Community Survey (ACS), is $1,358. This indicates that the FMR closely aligns with the actual market rent in the area, suggesting a relatively balanced housing market.
With a 12.0% share of renters in the local population, there is a steady but not overwhelming demand for rental properties. However, given the economic conditions and the need for affordable housing, the Section 8 program can provide a reliable source of income for landlords.
The median home value in the area is approximately $188,099. This figure gives you an idea of the typical acquisition cost for a property in ZIP 60474, which is important when calculating your potential return on investment.
Before committing to a Section 8 rental, one key factor to verify is the condition of the property. The Housing Quality Standards (HQS) must be met to ensure the unit is habitable and safe for tenants. These standards cover various aspects of the property, including structural integrity, heating, plumbing, and electrical systems. Ensuring your property meets these criteria will help avoid delays in securing a tenant and receiving payments.
In summary, the FMR of $1390 in ZIP 60474 sets a clear benchmark for the government's contribution to tenant rent. With local rents averaging around $1,358, the FMR provides a realistic expectation for income. The 12.0% renter share suggests moderate demand, while the median home value of $188,099 gives insight into property costs. To proceed, make sure your property complies with HQS to guarantee a smooth transition into the Section 8 program.
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.