Location: Iroquois County, IL | Metro: Iroquois County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,190 |
| 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)
The ZIP code 60924 presents an interesting landscape for both renters and landlords. With a median household income of $78,250, residents have a decent financial cushion to consider housing options. However, the reality of the market rate rent at $764 per month makes it challenging for many households to find affordable housing without assistance.
To put this into perspective, the market rate rent of $764 is below the Fair Market Rent (FMR) standard set at $920 for the metro area in fiscal year 2026. This indicates that landlords in 60924 could potentially benefit from accepting Section 8 vouchers, as they would be closer to receiving the FMR which aligns with the average rent across similar markets.
With only 22.0% of the 1,565 population being renters, competition among landlords is likely to be fierce. The limited number of renters means that landlords must carefully consider their pricing strategies to attract tenants. The affordability gap between the median income and the market rate rent suggests that many potential renters might struggle to pay rent without some form of subsidy.
Landlords should take note that while the market rate rent is lower than the FMR, the majority of residents earn above the typical threshold for needing rental assistance. This implies that there is a significant portion of the renting population who can afford higher rents. However, those seeking subsidized housing through Section 8 vouchers will look for units priced around the FMR of $920.
The takeaway for landlords is clear: accepting Section 8 vouchers can help secure tenants in a competitive market where the demand for affordable housing is high. But, given the relatively strong income levels, landlords might also find success with cash-paying tenants willing to pay closer to the FMR. Balancing these two strategies based on local demand and tenant mix will be key to maximizing occupancy and returns.
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.