Section 8 Fair Market Rent (FMR) for ZIP 60479 - 2027

Location: Grundy County, IL | Metro: Grundy County, IL HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,170
1 Bedroom	$1,220
2 Bedrooms	$1,590
3 Bedrooms	$2,190
4 Bedrooms	$2,530
5 Bedrooms	$2,935
6 Bedrooms	$3,287
7 Bedrooms	$3,550
8 Bedrooms	$3,728

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

671

Median Household Income

$105,000

Housing Units

323

Renter Percentage

17.7%

Occupancy Rate

92.9%

Renter Occupied

When considering whether to purchase a property in ZIP code 60479 for Section 8 investment, follow these steps:

Step 1: Clear Debt Service: The Fair Market Rent (FMR) for ZIP 60479 in fiscal year 2024 is set at $1550. To determine if this clears debt service on a property valued at $364,110, calculate your monthly mortgage payment. If the mortgage payment is less than or equal to $1550, then the answer is yes. Otherwise, no.
Step 2: Market Rent Comparison: The average market rent in ZIP 60479 is $1074 according to the Census ACS. Compare this figure to the FMR of $1550. Since the FMR exceeds the market rent, properties in this area are more attractive for Section 8 tenants. This means landlords can potentially secure higher rents through Section 8 than they would in the open market.
Step 3: Demand Analysis: In ZIP 60479, 17.7% of residents are renters. However, the data on days on the market (DOM) is not available. If there is a high demand for rental properties, as indicated by low DOM, then the answer is yes. Otherwise, it depends on other factors such as the local economy and vacancy rates.

If you can secure a property where the $1550 FMR covers the debt service, and the market rent is lower, then purchasing for Section 8 is advisable. The presence of 17.7% renters suggests a stable tenant base, but without DOM data, it's crucial to assess the local rental market conditions manually. High demand will ensure a steady stream of potential tenants, making the investment more viable.

Note that these decisions hinge on specific data points. If any of the criteria are not met, further analysis is required before making an investment decision.

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.