Section 8 Fair Market Rent (FMR) for ZIP 60958 - 2027

Location: Kankakee, IL | Metro: Kankakee, IL MSA

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,698

Median Household Income

$32,153

Housing Units

978

Renter Percentage

28.5%

Occupancy Rate

70.8%

Renter Occupied

197

ZIP code 60958, located in Kankakee, Illinois, is a modest suburban area that offers a stable environment for real estate investment, particularly for those interested in Section 8 housing opportunities. The following analysis provides key metrics that can inform your investment decisions.

The Fair Market Rent (FMR) for ZIP 60958 in fiscal year 2024 is set at $970, which reflects the maximum amount that a tenant participating in the Section 8 program can be charged for a two-bedroom apartment.
The average market rent for the area, according to Census ACS data, stands at $774, indicating that rental properties could potentially command a premium if they meet the quality standards required for Section 8 tenancy.
The median home value in ZIP 60958 is $113,591, suggesting that the area has affordable property values, which can be advantageous for investors looking to acquire assets without a high initial capital outlay.
Renters make up 28.5% of the population, highlighting a significant portion of the community that relies on rental housing, including potential Section 8 tenants.
The median income for residents is $32,153, which is below the national average, underscoring the need for affordable housing solutions like Section 8.
While the days on market (DOM) for rental listings is not available, the other indicators suggest a steady demand for rental properties in this area.

Investors should note that the discrepancy between the Fair Market Rent and the average market rent presents an opportunity to earn higher rents by maintaining quality standards. The relatively low median home value and median income figures indicate a strong need for affordable housing, making Section 8 properties particularly attractive. With nearly 30% of the population being renters, there is a consistent demand for rental units, although the exact turnover rate remains unclear without DOM data. In summary, ZIP 60958 offers a niche but promising market for Section 8-focused real estate investments, provided that investors adhere to the necessary guidelines and standards for these types of properties.

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.