Section 8 Fair Market Rent (FMR) for ZIP 61041 - 2027

Location: Jo Daviess County, IL | Metro: Jo Daviess County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$650
1 Bedroom	$760
2 Bedrooms	$930
3 Bedrooms	$1,290
4 Bedrooms	$1,300
5 Bedrooms	$1,508
6 Bedrooms	$1,689
7 Bedrooms	$1,824
8 Bedrooms	$1,915

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,338

Median Household Income

$45,938

Housing Units

773

Renter Percentage

29.0%

Occupancy Rate

78.9%

Renter Occupied

177

The town located in ZIP code 61041 is part of a rural setting that offers a stable environment for real estate investment. This area is characterized by modest housing costs and a significant portion of renters, making it an attractive market for landlords and small-portfolio investors seeking steady returns.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, providing a benchmark for rental pricing in the region.
The market rent, based on the latest Census ACS data, stands at $734, indicating a potential opportunity for landlords to increase their rental rates closer to the FMR without being too far above the average.
The median home value in the area is $110,570, which suggests relatively low property acquisition costs compared to urban centers.
Renters make up 29.0% of the local population, reflecting a substantial demand for rental properties.
The median income of residents is $45,938, which is below the national average, but still supports the current rental prices and indicates affordability for tenants.

Synthesizing these points, investors can expect a moderate but stable rental market in ZIP 61041. The gap between the market rent and the FMR presents an opportunity to slightly increase rental rates while maintaining affordability for the local tenant base. With a lower median home value, the cost of entry into this market is relatively low, and the significant renter share ensures consistent demand for rental properties. Given the median income levels, there is a balance where landlords can achieve reasonable returns without pricing out potential tenants. Overall, ZIP 61041 offers a solid investment opportunity for those looking to diversify into a rural real estate market with clear economic parameters.

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.