Location: Iroquois County, IL | Metro: Iroquois County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60938 in the metro area for fiscal year 2026 is set at $920. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program, which means it's the maximum amount HUD will pay toward your tenant's rent. It does not represent the total rent you can charge.
To put this into perspective, the average rent in ZIP 60938 is currently $733, according to recent Census American Community Survey (ACS) data. This indicates that the FMR is higher than the typical market rate, potentially making it attractive for landlords looking to participate in the Section 8 program.
The rental share in this area is 17.0%, meaning that nearly one in every six households is a renter. This suggests a steady demand for rental properties, especially those affordable under the Section 8 guidelines. If you're considering entering this market, it's important to understand that while the FMR is $920, HUD typically pays a percentage of this amount based on the tenant's income, so you'll need to ensure that the subsidy plus the tenant's contribution covers your costs.
When it comes to acquiring a property, the median home value in ZIP 60938 is approximately $134,105. This price point could make it feasible for small-portfolio investors to purchase a property suitable for Section 8 tenants without facing prohibitive costs.
Before you decide to enter the Section 8 market in ZIP 60938, verify that your property meets HUD's minimum housing quality standards known as the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe and habitable, and passing an HQS inspection is mandatory for participation in the program.
In summary, the FMR of $920 provides a benchmark for potential subsidies in ZIP 60938, where the average rent is $733. With a significant portion of the population renting and a reasonable median home value, this area presents opportunities for landlords and investors interested in the Section 8 program. Ensure your property complies with HQS to proceed.
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.