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 | $1,050 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,970 | $278,396 | 0.71% | D |
U.S. Census Bureau data (2024)
The ZIP code 60940 stands out within its county due to several key demographic and economic factors. With a population of 3,322 residents, it has a relatively low percentage of renters at 15.3%, indicating that homeownership is prevalent. The median income of $97,361 suggests that the area is economically stable, allowing residents to afford higher costs associated with living there. This stability is further reinforced by the median home value of $290,166, which is significantly above the national average.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 60940 is set at $1,190 for fiscal year 2024. In comparison, the market rent as reported by the Census Bureau's American Community Survey is slightly higher at $1,210. This narrow gap between the FMR and market rent indicates that landlords participating in the Section 8 program can expect to receive rental amounts that closely match the local market rates, minimizing any financial disadvantage.
The data signature for ZIP 60940 reads as stable. The high median income and home values suggest a consistent economic environment where residents have the means to support their housing costs. Additionally, the low percentage of renters implies a strong preference for homeownership, which typically correlates with a more stable community. The slight difference between the FMR and market rent also points towards a balanced market, where the government's rental assistance aligns well with the actual cost of living.
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.