Section 8 Fair Market Rent (FMR) for ZIP 61062 - 2027

Location: Stephenson County, IL | Metro: Carroll County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$680
1 Bedroom	$720
2 Bedrooms	$930
3 Bedrooms	$1,180
4 Bedrooms	$1,460
5 Bedrooms	$1,694
6 Bedrooms	$1,897
7 Bedrooms	$2,049
8 Bedrooms	$2,151

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,840

Median Household Income

$66,667

Housing Units

742

Renter Percentage

25.3%

Occupancy Rate

98.9%

Renter Occupied

186

The town located in ZIP code 61062 is part of a suburban landscape known for its quiet neighborhoods and proximity to urban amenities. This area has a balanced mix of homeowners and renters, making it attractive for both types of investment opportunities. The rental market is particularly interesting due to the recent changes in Fair Market Rent (FMR) and market rent trends.

The Fair Market Rent (FMR) for ZIP 61062 as of the fiscal year 2026 is set at $920. This figure is crucial for landlords who participate in the Section 8 housing choice voucher program, ensuring they receive a subsidized rate that covers their expenses and provides a stable income stream.
The market rent, based on Census American Community Survey (ACS) data, stands at $977. This indicates that the rental rates in ZIP 61062 slightly exceed the FMR, offering a margin for landlords outside the Section 8 program.
The median home value in this area is $211,488, which suggests that the real estate market is accessible for both first-time buyers and investors looking to enter the housing market.
Renters make up 25.3% of the population, showing a significant portion of the community relies on rental properties. This percentage is important for investors considering the demand for rental units.
The median income in ZIP 61062 is $66,667. This level of income supports the rental market, as residents can afford the average rents without exceeding the recommended 30% of their income spent on housing.

In summary, ZIP 61062 presents a balanced market for real estate investment. With a median home value that remains relatively low compared to other suburban areas, coupled with a market rent that is above the FMR, there is potential for steady returns on investment. The substantial renter share indicates a robust demand for rental properties, while the median income supports the ability of residents to pay rent at current market levels. For landlords and small-portfolio investors, this area offers a solid foundation for property investments with a good balance between affordability and demand.

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.