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 | $950 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,370 | $155,439 | 0.88% | C |
| 3BR | $1,800 | $210,112 | 0.86% | C |
| 4BR | $1,910 | $237,793 | 0.8% | C |
U.S. Census Bureau data (2024)
The ZIP code 60915, located in Bradley, IL, presents a market in motion characterized by a balance between rental and ownership dynamics. The Fair Market Rent (FMR) for ZIP 60915 in fiscal year 2024 is set at $1200, while the current market rent, according to the Census American Community Survey (ACS), stands at $1,072. This indicates that the rental market is slightly below the benchmark set by the government, suggesting a stable but not overheated rental environment.
The low price-cut share of 0.2% points towards a market where landlords and property owners are generally able to maintain their asking prices without significant concessions. This stability in pricing suggests that demand is robust enough to support the current rent levels, though it doesn't necessarily indicate rapid growth or intense competition among renters.
The median home value of $176,244 provides insight into the overall cost of homeownership in the area. While this figure is a snapshot, it implies a relatively affordable market for potential buyers. However, the lack of data on days on market (DOM) makes it challenging to definitively state whether supply is outpacing demand or vice versa. A high DOM could suggest oversupply, whereas a low DOM would hint at strong buyer interest. Given the available data, we can infer that the market maintains a steady pace without extreme fluctuations in either direction.
The 36.1% renter share highlights a significant portion of the population choosing to rent rather than own. This trend can exert long-term housing pressure, as a substantial number of residents are continually seeking rental properties. It also signals that there's an ongoing need for rental units, which could be a positive sign for landlords and small-portfolio investors looking to capitalize on steady demand.
In summary, ZIP 60915 operates as a balanced market with a slight lean towards stability over rapid change. The rental market is supported by a considerable renter base, ensuring consistent demand for rental properties. For those considering investment, the current snapshot suggests a reliable market with room for strategic entry without the risk of over-saturation or under-demand.
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.