Location: Kankakee, IL | Metro: Kankakee, IL MSA
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 | $1,070 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $2,010 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,530 | $209,008 | 0.73% | D |
| 3BR | $2,010 | $287,126 | 0.7% | D |
| 4BR | $2,130 | $358,354 | 0.59% | F |
| 5BR | $2,471 | $409,171 | 0.6% | D |
U.S. Census Bureau data (2024)
The classification of ZIP 60914, Bourbonnais, IL, on the yield and stability axes reveals a moderate scenario. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,290, which is notably lower than the market rent of $1,492. This suggests that while there is potential for higher rental yields compared to FMR, it is not a high-yield market due to the relatively low gap between FMR and market rents.
The median home value in ZIP 60914 is $293,379. With the average market rent being $1,492, the potential annual rental income is approximately $17,904. Considering the median home value, this translates to an estimated gross rental yield of about 6.1%, which is modest but reasonable for the area.
On the stability axis, the ZIP code has a renter population of 27%. This indicates a smaller proportion of residents who are likely to be renting, which could imply less demand for rental properties. However, the average household income in the area is $86,223, suggesting that those who do rent have a stable financial base, which can lead to consistent cash flow and lower vacancy rates.
The lack of data on the number of days on market (DOM) makes it difficult to assess the speed at which rental units are typically filled. However, the combination of a moderate rental yield and a stable income level points towards a steady-cashflow zone rather than a high-yield/low-stability market. Landlords and small-portfolio investors should expect reliable returns, albeit not exceptionally high, with a reasonable level of tenant turnover risk.
In summary, ZIP 60914 is best categorized as a steady-cashflow zone. The figures indicate a balance where the potential for high yields is tempered by a moderate renter population, but stable incomes provide a foundation for predictable cash flows.
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.