Location: Iroquois County, IL | Metro: Iroquois County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
U.S. Census Bureau data (2024)
The ZIP code 60974 is situated in a suburban neighborhood characterized by a relatively small population of 297 residents. With only 16.8% of the population renting their homes, it's evident that this area has a predominantly owner-occupied housing market. The median household income in this region stands at $51,932, indicating a middle-class community.
Despite the limited data available, we can infer some insights about the rental market. The Fair Market Rent (FMR) for the metro area, as of fiscal year 2026, is set at $1,080. This figure is crucial for landlords and investors interested in participating in the Section 8 program, as it represents the maximum rent that can be charged to tenants receiving housing assistance. However, the lack of specific market rent data for ZIP 60974 makes it challenging to compare the FMR with actual rental prices in the area.
Given the low percentage of renters and the absence of detailed market rent information, ZIP 60974 appears to be better suited for a hands-off voucher operator rather than a hands-on value-add buyer. The small number of potential tenants means that there is less demand for rental properties, which could make it difficult to find opportunities for significant renovations or upgrades. Instead, a hands-off approach focusing on maintaining a steady stream of rental income through the Section 8 program would likely be more effective in this environment.
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.