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 real estate landscape in ZIP 60966 is set to offer significant opportunities for landlords and small-portfolio investors, particularly when considering both the home value and rental market dynamics. The median home value stands at $85,533, which is notably low compared to many other regions, indicating a potential undervalued market.
Despite the lack of specific percentages for listings that have been reduced and the median days on market (DOM), the low median home value suggests strong pricing power for sellers over the next 12-24 months. This is because properties in this area are likely to be highly sought after by first-time buyers and investors looking for affordable entry points. As demand increases, the low supply of reduced listings can drive up prices, especially if there is continued interest in the area.
On the rental side, the Fair Market Rent (FMR) for ZIP 60966 is projected to reach $920 by fiscal year 2026, while the current market rent is reported at $739 according to the Census ACS. This gap signals an upward trend in rental prices, suggesting that landlords who invest now could benefit from higher rents in the future. The discrepancy between the FMR and the current market rent indicates a potential for rental growth, making it a favorable time for long-term investments.
For long-hold investors, the setup in ZIP 60966 implies a realistic appreciation thesis. With the median home value currently at $85,533, there is room for price appreciation as the market adjusts to increasing demand. Moreover, the expected rise in rental prices could further bolster property values, creating a scenario where both capital gains and rental income can be achieved.
In summary, the combination of a low median home value, the dynamics of the rental market, and the projected increase in fair market rents all point towards a positive outlook for ZIP 60966. Landlords and small-portfolio investors should consider the potential for both property value appreciation and increased rental income when evaluating their investment strategies in this area.
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.