Section 8 Fair Market Rent (FMR) for ZIP 60686 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 60686 in Unknown, IL, presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, especially when comparing the market rent to the Fair Market Rent (FMR) of $1680 for FY 2024. The lack of specific market rent data suggests variability, which can impact rental stability and income consistency. Additionally, the vacancy exposure is heightened due to the absence of average days on market (DOM) data, indicating potential unpredictability in filling vacancies. This uncertainty can lead to extended periods without rental income, increasing financial pressure on the landlord.

The deferred maintenance exposure is another critical factor. With no typical home value or median income data available, it's difficult to assess the financial capacity of tenants to maintain properties adequately. This lack of data points to a potential risk of property degradation over time, requiring substantial investment from landlords to keep units habitable and compliant with housing standards.

Despite these risks, the high renter share in the area suggests strong demand for rental properties, including those that accept Section 8 vouchers. A higher concentration of renters typically translates into greater competition for affordable housing options, thereby increasing the likelihood of finding qualified tenants who can provide consistent rental income. However, the exact percentage of renters is not specified, which limits a precise analysis of the local rental market dynamics.

Verdict: Moderate risk for a first-time Section 8 landlord.

Data Sources: FMR data from HUD (2027).

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.