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 | $1,220 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,290 | $139,138 | 0.93% | C |
| 2BR | $1,460 | $211,978 | 0.69% | D |
| 3BR | $1,880 | $292,786 | 0.64% | D |
| 4BR | $2,150 | $365,414 | 0.59% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60481, Wilmington, Illinois, is set at $1280 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is designed to help low-income families find affordable housing. It's important to note that this $1280 is not the actual rent you will receive; it's the payment standard used by the Housing Choice Voucher Program to determine the subsidy amount.
To put this into perspective, the average rent in ZIP 60481, based on Census American Community Survey (ACS) data, is $1,034. This means that the Section 8 payment standard is higher than the typical market rate, providing a reasonable margin for landlords. The difference between the FMR and the average rent suggests that landlords participating in the Section 8 program can expect to receive a slightly higher rent compared to non-subsidized properties.
Regarding demand, approximately 25.9% of the population in ZIP 60481 are renters. This indicates a steady pool of potential tenants who might be eligible for Section 8 vouchers. However, it's crucial to understand that this percentage alone doesn't guarantee high demand for your property. You should also consider the number of voucher holders in the area and their willingness to move to your property.
In terms of acquisition costs, the median home value in ZIP 60481 is around $261,823. This figure reflects the typical price range for purchasing a property in the area. For a first-time Section 8 landlord, this can be a significant investment, but the ongoing income from the program can provide a stable financial return.
Before making the decision to participate in the Section 8 program with a property in ZIP 60481, there is one critical step you must take: verify the condition of the property against the Housing Quality Standards (HQS). These standards ensure that the property meets certain safety and quality criteria. Failure to meet these requirements can result in penalties or disqualification from the program. Therefore, ensuring your property complies with HQS is essential to avoid any issues down the line.
Participating in Section 8 can offer a reliable source of income and contribute positively to your portfolio. The $1280 payment standard is above the local average rent, and the 25.9% renter share indicates a solid tenant base. With an acquisition cost of about $261,823, the initial investment is substantial, but the long-term benefits can outweigh the initial outlay. Just make sure to check that your property meets the necessary Housing Quality Standards before proceeding.
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.