Section 8 Fair Market Rent (FMR) for ZIP 60945 - 2027

Location: Iroquois County, IL | Metro: Iroquois County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$840
2 Bedrooms	$1,100
3 Bedrooms	$1,360
4 Bedrooms	$1,840
5 Bedrooms	$2,134
6 Bedrooms	$2,390
7 Bedrooms	$2,581
8 Bedrooms	$2,710

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

183

Median Household Income

$52,188

Housing Units

104

Renter Percentage

15.3%

Occupancy Rate

81.7%

Renter Occupied

The ZIP code 60945, located in the suburban landscape of Illinois, offers a unique blend of residential tranquility and proximity to urban amenities. This area is characterized by its stable housing market and a significant portion of renters, making it an attractive investment opportunity for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $1,120, providing a benchmark for rental pricing in the region.
According to the Census American Community Survey (ACS), the average market rent for properties in ZIP 60945 stands at $738, indicating that there is room for rental price increases to align with the FMR.
The median home value in this ZIP code is not available, suggesting that the area is predominantly rental-focused rather than owner-occupied.
Renters make up 15.3% of the population, which means that a considerable segment of the local community relies on rental properties for housing, ensuring a steady demand for rentals.
The median income for residents is $52,188, reflecting a middle-class demographic that can support moderate rental rates but may struggle with higher costs.
The Days on Market (DOM) statistic is not applicable here, likely due to limited recent sales activity, which could imply that the rental market is more robust than the buying market.

Investors looking to enter the ZIP 60945 market should take note of the substantial gap between the current market rent and the FMR, indicating potential for rental rate adjustments. The presence of a significant number of renters signals a consistent demand for rental properties, while the median income figure suggests that there is a balance between affordability and the ability to pay slightly higher rents. With a focus on rental properties, this area presents a niche opportunity for those who can provide well-maintained, competitively priced units. However, the lack of recent sales data might pose challenges in assessing property values and growth potential, emphasizing the importance of thorough market research before investing.

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.