Location: Kankakee, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
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 | $980 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,850 | $288,640 | 0.64% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP 60935 are crucial for landlords and small-portfolio investors to understand. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $1350. This figure represents the maximum amount that the housing authority will pay for a two-bedroom unit under the Section 8 program. However, it's important to note that the local market rent for a similar two-bedroom unit is $1143 according to the latest Census ACS data.
A voucher payment under Section 8 is calculated based on the difference between the SAFMR and the tenant's portion of the rent. Typically, the tenant is required to pay 30% of their adjusted income towards rent. If the tenant's income is such that their portion amounts to $300, the housing authority would cover the remaining $1050 of the $1350 SAFMR. However, the actual reimbursement to the landlord depends on whether the SAFMR exceeds the market rent or not.
In ZIP 60935, since the market rent is lower than the SAFMR, the housing authority will reimburse the landlord the full market rent of $1143, plus any utility allowances that apply. Utility allowances are additional payments made by the housing authority to help cover the cost of utilities, which can vary depending on the specific circumstances of the tenant and the property. For example, if the utility allowance is $150 per month, the landlord would receive $1143 for rent and an additional $150 for utilities, totaling $1293.
This results in a surplus for the landlord when the SAFMR is higher than the local market rent. In this case, the landlord receives the full market rent of $1143, which is below the SAFMR of $1350. The surplus here is $207 per month, assuming a utility allowance of $150. This means that landlords in ZIP 60935 can expect to be paid the full market rent for a two-bedroom unit, plus the utility allowance, without having to adjust their rents downward to match the SAFMR.
To summarize, landlords in ZIP 60935 should expect a voucher reimbursement that covers the full market rent of $1143, plus any applicable utility allowances. Given the SAFMR of $1350, there is a potential surplus of $207 per month for a two-bedroom unit, making participation in the Section 8 program financially viable and potentially profitable.
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.