Location: Iroquois County, IL | Metro: Ford County, 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 | $900 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,690 | $240,754 | 0.7% | D |
U.S. Census Bureau data (2024)
The ZIP code 60941 profiles as a moderate renter-heavy area with a population of 1,627 individuals, where 26.2% are renters. This suggests that there is a decent demand for rental properties but not at the level typically seen in densely populated urban areas. The median household income stands at $85,000, indicating a relatively affluent community.
A typical market rent of $975 represents approximately 11.5% of the median household income, which is calculated by dividing the monthly rent by the annual income ($975 / $85,000 * 12 months). This percentage is reasonable and aligns well with the standard recommendation that housing costs should not exceed 30% of a household's income. However, it's worth noting that the Fair Market Rent (FMR) for the area is set at $1,050 for FY 2024, which is slightly higher than the current market rent.
This discrepancy between the market rent and the FMR suggests that landlords might have some flexibility in adjusting their rents upward, potentially to match the FMR. Given the median income, a rent of $975 to $1,050 would still be manageable for many residents, though it would consume a larger portion of their income.
The expected tenant profile in ZIP 60941 includes individuals and families who can afford market rents without significant reliance on housing vouchers. While there is a segment of the population that benefits from Section 8 vouchers, the overall demand for deeply subsidized housing is likely to be lower due to the higher median income levels. Landlords should prepare for tenants who are financially stable and can meet rent obligations without substantial assistance.
In summary, ZIP 60941 offers a balanced environment for landlords, with a mix of homeowners and renters, and a median income that supports market rents. The potential for Section 8 voucher usage exists but is limited, making it a suitable area for those seeking tenants capable of paying market rates.
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.