Location: Kankakee, IL | Metro: Kankakee, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The ZIP code 60969, located in Illinois, has a median household income of $112,500. This figure provides insight into the financial capacity of residents but does not directly correlate with their ability to afford the local rental market rate, which is currently unavailable. However, we can compare this income level to the federal payment standard for housing vouchers, which stands at $990 per month for this zip code during fiscal year 2024.
The voucher payment standard reflects the maximum amount that the government will pay landlords on behalf of tenants receiving assistance. For ZIP 60969, this means landlords who accept vouchers will receive up to $990 per month, regardless of the actual market rate. Given the high median income, it's likely that the market rate exceeds the voucher payment standard, indicating a significant affordability gap for those relying solely on vouchers.
In ZIP 60969, only 14.3% of the population are renters, with a total population of 73 individuals. This low percentage of renters suggests limited competition among landlords for tenants. The affordability gap for voucher recipients could further reduce the pool of potential tenants, making it even more challenging for landlords to find occupants willing to pay the voucher rate.
Landlords in ZIP 60969 should consider the implications of accepting vouchers versus relying on cash-paying tenants. While accepting vouchers ensures a steady stream of income, it may be lower than the market rate. In contrast, focusing on cash-paying tenants might yield higher monthly rents, given the area's high median income, but could also mean longer vacancy periods due to the limited number of renters. Landlords must weigh these factors carefully when deciding their tenant acquisition strategy.
The takeaway for landlords is clear: in an area with a high median income and a low percentage of renters, prioritizing cash-paying tenants over voucher recipients may lead to better financial outcomes. However, this strategy requires a thorough understanding of the local rental market dynamics and the willingness to potentially face longer vacancy periods.
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.