Section 8 Fair Market Rent (FMR) for ZIP 60968 - 2027

Location: Livingston County, IL | Metro: Ford County, IL HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$700
1 Bedroom	$710
2 Bedrooms	$930
3 Bedrooms	$1,190
4 Bedrooms	$1,510
5 Bedrooms	$1,752
6 Bedrooms	$1,962
7 Bedrooms	$2,119
8 Bedrooms	$2,225

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

374

Median Household Income

$46,250

Housing Units

265

Renter Percentage

15.3%

Occupancy Rate

71.7%

Renter Occupied

A landlord considering ZIP code 60968 for Section 8 investments must evaluate several factors to make an informed decision. The first step is to determine if the Fair Market Rent (FMR) of $920 can cover the debt service on a property valued at $155,801. Debt service typically includes mortgage payments, property taxes, insurance, and maintenance costs. Assuming a conservative estimate, let's say the annual debt service is around $10,000. At $920 per month, the annual income would be $11,040, which exceeds the debt service. Therefore, the answer to the first question is Yes.

The second consideration is how the market rent of $817 compares to the FMR. In this case, the market rent is below the FMR. This means that properties in this area could potentially be rented out at the higher FMR rate to Section 8 tenants. However, landlords should also consider the potential for market rents to rise and meet or exceed the FMR in the future. Given the current situation, the answer to the second question is It Depends. Landlords should monitor local market trends closely.

The third factor to assess is the demand for rental properties. In ZIP 60968, 15.3% of residents are renters, but the Days on Market (DOM) is listed as N/A, which indicates incomplete data. Without a specific DOM figure, it's challenging to gauge the exact demand level. However, the percentage of renters suggests a moderate demand. The answer to the third question is It Depends. A detailed analysis of the local rental market, including vacancy rates and tenant preferences, would provide a clearer picture.

If Yes: The FMR covers debt service, making Section 8 a viable option for covering expenses. However, landlords should still keep an eye on market trends.
If It Depends: The market rent is currently below the FMR, which is favorable for Section 8, but the incomplete DOM data makes it difficult to predict demand accurately. Further research into local rental dynamics is recommended.
If No: This scenario would apply if the debt service was higher than the FMR could support or if the DOM indicated low demand. Neither condition is met based on the provided data.

In conclusion, ZIP 60968 appears to be a reasonable investment for Section 8 properties, given that the FMR exceeds the estimated debt service. However, the relationship between market rent and FMR, along with the uncertain demand due to missing DOM data, requires careful monitoring and additional investigation before making a final decision.

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.