Location: Iroquois County, IL | Metro: Iroquois County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 60953, with a population of 2,075, has a rental market that comprises 19.6% of its residents. This indicates that while there is a notable presence of renters, it is not overwhelmingly dominated by them. The median household income stands at $59,135, which provides a benchmark against which rental costs can be measured.
The market rent in this area is $752, representing approximately 12.7% of the median household income. This suggests that the cost of renting is relatively affordable compared to the average income level, making it feasible for many households to cover their rent without significant financial strain.
When comparing the market rent to the Fair Market Rent (FMR) of $920, as determined for FY 2026, it's evident that the actual rents are below the FMR. This could indicate either a competitive rental market or an area where housing is generally more affordable. Given that the FMR is higher, tenants with Section 8 vouchers would likely find the $752 market rent more accessible, potentially leading to a higher demand for rental properties that accept vouchers.
In terms of the type of tenant landlords should expect, the profile points towards a mix of low-income individuals who may rely on Section 8 vouchers due to the relative affordability of the market rent compared to their income, and middle-income earners who can afford market rates but might still seek out lower-cost options. Landlords in 60953 should prepare for a tenant pool that includes those seeking subsidized housing as well as those paying standard market rates. However, the relatively low percentage of renters suggests that competition for tenants with vouchers may not be as intense as in areas with a higher proportion of renters.
To summarize, ZIP 60953 is moderately renter-heavy, with a significant portion of the population capable of affording market rates. The acceptance of Section 8 vouchers could attract a segment of the population that finds the current market rent affordable, given their income levels. Landlords should anticipate a diverse tenant base, including those who benefit from rental assistance programs.
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.