Location: Stephenson County, IL | Metro: Stephenson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $920 for ZIP 61013 will sufficiently cover the mortgage on a home. However, the median home value in ZIP 61013 is $110,600, which is relatively low. This suggests that the monthly mortgage payments could be manageable, especially considering the lower property values. While the exact mortgage amount depends on factors such as interest rates and loan terms, it's reasonable to expect that an FMR of $920 would provide a decent buffer over typical mortgage expenses.
The rental market demand in ZIP 61013 is at 2.3%, raising concerns about whether there are enough renters to fill properties. It's important to note that the rental price range for 1-bedroom units is typically between $300 and $499 per month, including utilities. These prices indicate a market that caters to a specific demographic, likely including students, young professionals, and individuals looking for affordable housing. Despite the low demand percentage, the affordability of rentals can attract a steady stream of tenants, ensuring that vacancies remain minimal.
The utilization rate of housing choice vouchers in ZIP 61013 is not directly provided in the available data. However, the national trend shows that voucher programs generally aim to keep pace with market rents. In ZIP 61013, where the FMR is set at $920, it's expected that voucher amounts will adjust accordingly to maintain accessibility for eligible renters. Nonetheless, the specific rate of voucher utilization in ZIP 61013 remains unclear without further local data.
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.