Location: Ogle County, IL | Metro: DeKalb County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
The median income in ZIP code 61052 stands at $91,797, which provides a solid financial foundation for most households. However, when it comes to housing costs, the market rate rental price of $1,074 per month presents a significant challenge. This figure represents nearly 13% of the median annual income, making it a substantial portion of monthly earnings.
Comparatively, the Fair Market Rent (FMR) set by the government for ZIP 61052 is $1,130 for fiscal year 2024. This is slightly higher than the current market rate, indicating that the government's benchmark for affordability is marginally above what the typical renter might find on the open market. For those relying on Section 8 vouchers, the $1,130 FMR serves as the maximum allowable payment, which is still within reach for many local renters given their income levels.
With only 9.5% of the 1,145 population being renters, competition among landlords is relatively low. This means that landlords in ZIP 61052 do not face intense competition for tenants, allowing them to potentially maintain higher rents without significantly impacting occupancy rates. However, the affordability gap—where the FMR is higher than the current market rate—suggests that there could be a slight advantage for landlords who accept Section 8 vouchers, as they would be able to charge closer to the FMR.
Landlords considering their tenant mix should weigh the benefits of accepting Section 8 vouchers against the stability and lower risk of cash-paying tenants. While voucher recipients provide a guaranteed income up to the FMR, cash-paying tenants might offer more flexibility and potentially higher rent amounts if the market continues to trend upwards. The key takeaway is that landlords have a strategic decision to make based on their long-term goals. If they aim for steady, government-backed payments, accepting vouchers is a viable option. For those looking to maximize profits and are willing to navigate potential market fluctuations, focusing on cash-paying tenants could be more advantageous.
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.