Section 8 Fair Market Rent (FMR) for ZIP 60913 - 2027
Location: Kankakee, IL | Metro: Kankakee, IL MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $980 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$87,750
A landlord considering purchasing a property in ZIP code 60913 for Section 8 purposes must follow a structured decision-making process based on the following criteria:
Step 1: Debt Service Coverage Ratio (DSCR)
- If the Fair Market Rent (FMR) of $1,150 for the fiscal year 2024 does not cover the debt service on a property priced at $314,700, the answer is No. A property's debt service includes mortgage payments, taxes, insurance, and maintenance costs. The FMR needs to be sufficient to cover these expenses.
Step 2: Market Rent Comparison
- The market rent in ZIP 60913 is reported at $835 according to the Census ACS data. This figure is below the FMR of $1,150. Therefore, if the market rent is below the FMR, the answer is Yes—the higher FMR can provide a buffer against lower market rents.
- If the market rent were equal to or above the FMR, the answer would be No—there would be little to no advantage in using Section 8 over market rents.
Step 3: Demand Analysis
- In ZIP 60913, 8.0% of residents are renters, and the data shows N/A days on the market (DOM), indicating that there might be insufficient data on how quickly rental properties are leased. However, given the FMR exceeds the market rent, the demand for Section 8 properties is likely strong.
- If the percentage of renters were significantly lower, or if the DOM was very high, the answer would be No—the demand would not justify the investment.
- Given the current data, the answer is Yes—the demand appears to be adequate, especially with the FMR providing a premium over the market rent.
In summary, for ZIP code 60913, the decision to purchase a property for Section 8 purposes hinges on the ability of the FMR to cover debt service. If it does, the fact that market rents are below the FMR supports an affirmative decision. Additionally, the 8.0% of renters suggests sufficient demand, making the investment viable for landlords and small-portfolio investors interested in Section 8 housing.
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.