Section 8 Fair Market Rent (FMR) for ZIP 60964 - 2027

Location: Iroquois County, 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

4,777

Median Household Income

$82,083

Housing Units

2,108

Renter Percentage

20.7%

Occupancy Rate

88.4%

Renter Occupied

386

Housing Authorities Serving ZIP 60964

Kankakee County Housing Authority (Kankakee, IL) - 871 Section 8 vouchers

The ZIP code 60964, located in Illinois, is a suburban area that offers a mix of residential communities and access to urban amenities. This region is characterized by a stable rental market and a moderate homeownership rate, making it an attractive investment opportunity for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for ZIP 60964 is set at $970 per month for fiscal year 2024, indicating the government's benchmark for affordable housing in the area.
The average market rent in the ZIP code is slightly above the FMR at $989, according to the latest data from the Census Bureau's American Community Survey (ACS).
The median home value in ZIP 60964 stands at $212,346, which reflects a relatively stable property market with modest appreciation potential.
Renters make up 20.7% of the housing market, suggesting a significant but not overwhelming demand for rental properties.
The median household income in the area is $82,083, providing insight into the economic stability and spending power of local residents.

Synthesizing these points, ZIP 60964 presents a balanced market with a slight edge towards rental investments due to the close alignment between market rents and the FMR. The median home value suggests that purchasing homes for renovation or long-term appreciation could also be viable, though the slightly lower renter share indicates a strong homeownership preference. Investors should consider the economic stability of the area, as evidenced by the median income, when assessing the risk and potential returns of their investments.

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.