Location: Iroquois County, IL | Metro: Ford County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
106,250 is the median income for ZIP code 60948, indicating a modest economic base. However, the $980 Fair Market Rent (FMR) for the metro area in fiscal year 2026 suggests that rental properties priced at this level can attract tenants eligible for Section 8 assistance. The $1,542 market rent, derived from Census ACS data, shows a higher average rent charged in the area, which could mean opportunities for landlords willing to accept Section 8 vouchers to fill units at lower rents. With a median home value of $241,639, it's clear that homeownership is more prevalent than renting, given the 1.9% renter share. This low percentage of renters implies that rental properties must be well-managed to compete effectively in the market. Despite the lack of specific data on days on market (DOM) and price-cut share, the potential for stable occupancy exists due to the presence of Section 8 vouchers. Landlords can leverage this by setting rents at or slightly above the FMR to ensure they are competitive yet profitable. Given these factors, the verdict for Section 8 participation in ZIP 60948 is positive, as it offers a reliable tenant pool at a time when market rents are significantly higher than the FMR.
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.