Location: Kankakee, IL | Metro: Kankakee, IL MSA
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 | $830 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $148,666 | 0.81% | C |
| 3BR | $1,580 | $208,202 | 0.76% | D |
U.S. Census Bureau data (2024)
The ZIP code 60954, located in Momence, IL, has a population of 5,742 residents, with 25.0% being renters. This indicates that while there is a significant portion of the population that rents, it is not overwhelmingly dominated by renters. The median household income stands at $65,906, which provides a basis for understanding the financial capabilities of potential tenants.
The market rent for the area is $819 per month, representing approximately 12.4% of the median household income. This ratio suggests that the average rent is reasonably affordable for most households in the area. However, the Federal Market Rent (FMR) for FY 2024 is set at $1,050, indicating that the market rent is below the federal benchmark, which could be advantageous for landlords who wish to attract Section 8 tenants.
A comparison between the market rent and the FMR reveals that the $819 market rent is about 78% of the $1,050 FMR. This means that landlords can potentially accommodate Section 8 tenants without facing significant rent gaps. The lower market rent also implies that there might be a higher demand for rental properties among those who rely on housing vouchers.
In Momence, IL, landlords should expect a tenant profile that includes individuals and families who benefit from the Section 8 Housing Choice Voucher program. These tenants will likely have their rent subsidized up to the FMR level, making them financially reliable and capable of covering the market rent with minimal out-of-pocket expenses. Given the relatively low market rent compared to the FMR, landlords can offer competitive rates that are attractive to voucher holders.
The 25.0% rental rate suggests a moderate-sized tenant pool, but the affordability of the market rent relative to the median income and the alignment with FMR subsidies indicate a strong potential for attracting and retaining Section 8 tenants. Landlords should prepare for a mix of tenants who are fully independent of government assistance and those who depend on housing vouchers to meet their rental obligations.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.