Location: Ogle County, IL | Metro: Lee County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP code 61031 in Ogle County, Illinois, reveals several key insights. The HUD Fair Market Rent (FMR) for the area is set at $920 for the fiscal year 2026. In contrast, the Census ACS data shows that the current market rent stands at $823. This comparison indicates that voucher tenants will cashflow at FMR, meaning landlords can expect positive cash flow when renting units at the HUD FMR rate.
To further understand the investment potential, consider the median home value in ZIP 61031, which is $186,257. Using this figure, we can derive the rent-to-price ratio. With an average monthly rent of $823, the annual rent would be approximately $9,876. Dividing this by the median home value yields a rent-to-price ratio of about 5.3%, suggesting that rental income is relatively low compared to property values. However, given the positive cash flow scenario from the HUD FMR, this ratio becomes less critical for short-term cash flow considerations.
The data does not provide specific figures for the median days on market (DOM) or the percentage of properties that require price cuts. These metrics would typically influence the rent-vs-buy dynamics, but their absence here means we must rely on other indicators to assess the market's health. The primary focus should remain on the positive cash flow potential offered by the HUD FMR.
In conclusion, the strongest investor angle for ZIP 61031 is cashflow. Landlords and small-portfolio investors can secure positive cash flow by renting units at the HUD FMR of $920, significantly above the current market rent of $823.
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.