Location: Stephenson County, IL | Metro: Ogle County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
The ZIP code 61007 presents a dynamic rental market landscape, framed by the snapshot of available data. The Fair Market Rent (FMR) stands at $960 for metro fiscal year 2026, indicating a clear benchmark for rental pricing in the area. While the current market rent is not specified, the absence of this figure alongside the provided FMR suggests a reliance on government standards, which could imply either stability or a lack of recent market fluctuations that would otherwise drive rents higher.
The median home value in ZIP 61007 is $211,754, reflecting the overall affordability of the housing stock. This figure is critical for understanding the broader economic context of the area, suggesting that homeownership remains accessible to many residents. However, the lack of data on price-cut shares and days on market (DOM) leaves some questions unanswered regarding the balance between supply and demand. Typically, high DOM values and significant price-cut shares indicate a surplus of homes relative to buyers, but the absence of these metrics here means we cannot definitively state whether supply outpaces demand or vice versa.
A noteworthy statistic is the 13.4% renter share, which provides insight into the long-term dynamics of housing pressure. This percentage suggests that while the majority of households in ZIP 61007 own their homes, there is still a substantial portion of renters. Such a renter share can be indicative of ongoing housing pressures, particularly if there is a trend toward increasing rental rates over time. For landlords and small-portfolio investors, this implies a steady demand for rental properties, though it does not guarantee a shortage or surplus of units.
In conclusion, ZIP 61007 offers a mix of affordable homeownership and rental opportunities, with the rental market being supported by government fair market standards. The presence of a significant renter population suggests sustained interest in rental properties, but without additional time-series data, the exact trajectory of supply and demand remains unclear. Landlords and investors should consider the FMR as a reliable indicator of rental pricing and the median home value as a reflection of the local economy's health.
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.