Section 8 Fair Market Rent (FMR) for ZIP 60973 - 2027
Location: Iroquois County, IL | Metro: Iroquois County, IL
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$85,250
When considering whether to invest in ZIP code 60973 for Section 8 properties, follow this decision tree:
- Does FMR $1,020 (metro FY 2026) clear debt service on a property?
- If the answer is yes, proceed to the next question.
- If the answer is no, do not purchase. The Fair Market Rent (FMR) does not cover the cost of owning the property, making it financially unviable.
- Is market rent $1,098 (Census ACS) above, at, or below FMR?
- If market rent is above FMR, it indicates that landlords can potentially charge more than the Section 8 rate, which could be advantageous.
- If market rent is at or below FMR, landlords will likely have to accept the FMR as the maximum rent they can charge, reducing the potential for higher rental income.
- Are 16.8% renters + N/A-day DOM enough demand?
- If the days on market (DOM) are low, indicating quick turnover, then the 16.8% of renters might be sufficient to meet demand.
- If DOM is high, suggesting slower turnover, then the percentage of renters alone is insufficient to guarantee steady occupancy. In this case, further investigation into the local rental market is necessary.
The decision hinges on these factors:
- A positive cash flow is essential. If the FMR of $1,020 does not cover the total costs associated with owning a property, including mortgage payments, taxes, insurance, and maintenance, then purchasing a property in this area for Section 8 purposes is not advisable.
- The market rent of $1,098 being above the FMR suggests a possibility for earning slightly more than the FMR if non-Section 8 tenants are sought. However, this also means that the gap between market rent and FMR is minimal, leaving little room for error in pricing or tenant selection.
- The demand must be robust. With 16.8% of the population renting, there is a baseline of demand. However, the unknown DOM figure complicates the assessment of whether this demand is strong enough to support a Section 8 property. Low DOM would imply strong demand, whereas high DOM would indicate weaker demand.
In summary, the viability of buying a property in ZIP 60973 for Section 8 tenants depends on achieving positive cash flow, understanding the market rent dynamics, and ensuring there is enough demand to keep the property occupied. It depends on the specifics of the property and the local market conditions beyond just these figures.
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.