Location: Ogle County, IL | Metro: Ogle County, IL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,080 | $126,910 | 0.85% | C |
| 3BR | $1,290 | $171,573 | 0.75% | D |
U.S. Census Bureau data (2024)
148,444 In Mount Morris, IL, the median home value stands at $148,444, offering a stable foundation for real estate investments. 31.3 In this area, 31.3% of residents are renters, indicating a substantial demand for rental properties. 47,467 The median income of $47,467 suggests that tenants can afford reasonable rents without straining their budgets. 1,120 For those interested in Section 8 properties, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,120, providing a benchmark for rental pricing.
N/A Despite the lack of specific data on market rents and days on market (DOM), the existing figures offer valuable insights into the local housing market. N/A The absence of information on the percentage of homes that have had their prices cut also points to a relatively steady market. 1,120 Given the FMR and the strong tenant base, landlords and small-portfolio investors can confidently set their rents around $1,120 to remain competitive and attractive to Section 8 participants.
148,444 With a median home value of $148,444 and a significant portion of the population renting, there is a clear opportunity for investors to enter the market with affordable rental units. 31.3 The high renter share of 31.3% indicates ongoing demand for rental properties, which can be met through Section 8 vouchers. 47,467 The median income of $47,467 supports the viability of these rents, ensuring that tenants can meet their obligations.
1,120 In conclusion, for investors looking to leverage Section 8 in Mount Morris, IL, setting rents at $1,120 aligns with the FMR and meets the needs of the local tenant pool. This strategy will maximize occupancy rates and ensure financial stability for the investment portfolio.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.