Location: Kankakee, IL | Metro: Kankakee, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
1070 is the Fair Market Rent (FMR) for ZIP code 60910 as of fiscal year 2024, indicating the maximum amount a Section 8 tenant can be charged for rent in this area. 850 represents the average market rent based on Census ACS data, which is significantly lower than the FMR, suggesting a potential profit margin for landlords who qualify. The median home value in this ZIP code stands at 142,686, providing a benchmark for property values and investment opportunities. With a 20.9% renter share, it's clear that a substantial portion of the population in 60910 relies on rental housing, creating a steady demand for units. The median income of 77,321 offers insight into the financial capabilities of the local residents, though specific data on the percentage of tenants eligible for Section 8 is not available. Given the lack of data on days on market (DOM) and price-cut share, it's challenging to assess the speed and ease of finding tenants or adjusting rents. However, the existing figures paint a picture of a market where Section 8 properties can be financially viable, especially considering the gap between FMR and market rent. Landlords should consider the eligibility requirements and application processes for Section 8 tenants to ensure they capture the benefits of this program while meeting the needs of their potential residents. In conclusion, the ZIP code 60910 presents an opportunity for landlords willing to navigate the specifics of the Section 8 program, with a favorable balance between FMR and market rent.
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.