Location: Iroquois County, IL | Metro: Ford County, IL HUD Metro FMR Area
| 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 60955 is situated in a suburban neighborhood characterized by a relatively low population density of 1,953 residents. This area is predominantly owner-occupied, with only 9.7% of the population renting their homes. The median household income stands at a robust $79,034, indicating a middle-class community with good financial stability. However, the median home value of $140,919 suggests that homeownership here is relatively affordable compared to other suburban areas.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920. This figure contrasts slightly with the actual market rent, which according to the Census American Community Survey, is $950. The difference between these two figures is minimal, suggesting that the rental market in ZIP 60955 is closely aligned with federal guidelines, which can be beneficial for both landlords and tenants.
Given the data, ZIP 60955 appears to be a suitable location for a hands-off voucher operator due to the close alignment of market rents with the FMR. Landlords can expect a steady stream of tenants who benefit from the Section 8 program without significant fluctuations in rental income. On the other hand, the area also offers opportunities for a hands-on value-add buyer. With a modest median home value and a higher median income, there is potential for improving properties and increasing their market value, thereby attracting tenants willing to pay above the FMR.
In summary, ZIP 60955 presents a balanced environment for both passive and active real estate investment strategies. For those looking to maintain a low-maintenance portfolio, the consistency between FMR and market rents provides a stable investment climate. Meanwhile, for investors seeking to enhance property values and capitalize on the local economic conditions, this ZIP code offers promising avenues for growth and profitability.
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.