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 | $880 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $221,844 | 0.57% | F |
| 3BR | $1,660 | $300,158 | 0.55% | F |
| 4BR | $1,760 | $394,958 | 0.45% | F |
| 5BR | $2,042 | $435,204 | 0.47% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60950, which includes Manteno, IL, is set at $1110 for fiscal year 2024. This figure represents the payment standard under the Section 8 housing program, meaning that if you participate in the program, the government will pay up to $1110 per month for a typical unit in your area. However, it's important to note that this is not the rent you charge tenants; it's the maximum amount the government will contribute towards rent.
To put this into perspective, the average rent for a two-bedroom apartment in Manteno, IL, as reported by the U.S. Census Bureau's American Community Survey (ACS), is approximately $1,090. This suggests that the FMR aligns closely with market rates, making it feasible for landlords to participate without significantly undercutting their income.
In Manteno, 29.6% of residents are renters, indicating a moderate level of demand for rental properties. This percentage means that nearly three out of every ten people in the area are looking for places to rent, which can be a good sign for potential Section 8 landlords. With a demand rate of around 30%, there should be enough interest in your property to ensure steady occupancy.
If you're considering purchasing a property in this area to use as a Section 8 rental, the median home value in Manteno is about $309,800. This gives you an idea of the initial investment required to acquire a property suitable for renting. Given the alignment between the FMR and the local average rent, participating in the Section 8 program could provide a stable source of income while allowing you to manage a property at a price point that reflects the local market conditions.
Before proceeding, one key thing to verify is whether your property meets the local Housing Quality Standards (HQS). These standards ensure that the units are safe, decent, and sanitary for tenants. The Section 8 program requires all units to pass an HQS inspection, so confirming that your property complies with these requirements is essential to avoid delays or disqualification.
In summary, the FMR of $1110 for ZIP 60950 provides a clear benchmark for the maximum government contribution towards rent. With the local average rent at $1,090 and a renter share of 29.6%, there is a reasonable market for Section 8 rentals. Ensure your property meets HQS to guarantee eligibility and smooth operation in the program.
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.