Section 8 Fair Market Rent (FMR) for ZIP 60901 - 2027

Location: Kankakee, IL | Metro: Kankakee, IL MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$900
1 Bedroom	$990
2 Bedrooms	$1,290
3 Bedrooms	$1,700
4 Bedrooms	$1,790
5 Bedrooms	$2,076
6 Bedrooms	$2,325
7 Bedrooms	$2,511
8 Bedrooms	$2,637

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

33,128

Median Household Income

$58,309

Housing Units

15,065

Renter Percentage

38.6%

Occupancy Rate

85.1%

Renter Occupied

4,952

Housing Authorities Serving ZIP 60901

Kankakee County Housing Authority (Kankakee, IL) - 871 Section 8 vouchers

The city of Kankakee, located in the heart of Illinois, is a growing market that presents unique opportunities for landlords and small-portfolio investors. The area's economic stability and moderate housing costs make it attractive for those looking to invest in rental properties.

The Fair Market Rent (FMR) for ZIP 60901 in fiscal year 2024 is set at $1,090, providing a benchmark for rental pricing.
The actual market rent, as indicated by the Zillow Observed Rental Index (ZORI), is slightly higher at $1,246, reflecting the true demand in the local rental market.
The median home value in Kankakee is $154,631, which is relatively low compared to other urban areas, making property acquisition more affordable.
Renters represent 38.6% of the total population, suggesting a significant portion of the community relies on rental housing.
The median household income in the area is $58,309, indicating a middle-class demographic capable of supporting rental prices.

The data points above paint a picture of a stable rental market with moderate competition. Investors can expect to find affordable properties to purchase, with rental income aligning closely with the actual market rates. The high percentage of renters suggests a strong demand for rental units, while the median income supports the ability to pay rents that are slightly above the fair market rate. This combination makes Kankakee a viable option for those seeking to enter or expand their presence in the rental market.

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.