Location: Iroquois County, IL | Metro: Iroquois County, IL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $930 | $90,024 | 1.03% | B |
| 3BR | $1,150 | $146,734 | 0.78% | D |
| 4BR | $1,550 | $181,632 | 0.85% | C |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 60970 in Iroquois County, IL, reveals a favorable environment for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, which is significantly higher than the market rent reported by the Census ACS, standing at $790. This indicates that voucher tenants can cashflow comfortably at the FMR rate, providing a substantial buffer for landlords.
To understand the investment potential further, consider the median home value in the area, which is $118,892. With an average market rent of $790, this translates to a rent-to-price ratio of approximately 0.83%, suggesting that the rental market is undervalued relative to the property values. This makes rental properties in ZIP 60970 particularly attractive for investors looking to capitalize on undervalued assets.
The data also shows that the median Days on Market (DOM) is not available, and the percentage of homes that experience a price cut is 0.3%. While these figures do not directly impact the cashflow potential, they suggest a relatively stable housing market with little need for price adjustments. This stability can be beneficial for long-term investors, as it reduces the risk of fluctuating property values and ensures consistent rental income.
In conclusion, the strongest angle for investors in ZIP 60970 is cashflow, given the significant difference between the HUD FMR and the actual market rent. This allows landlords to benefit from higher rents paid by voucher holders while maintaining a competitive position in the local market. Additionally, the low price-cut share and stable DOM indicate a reliable and predictable market environment, enhancing the overall investment appeal.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.