Location: Rockford, IL | Metro: Rockford, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The median income in ZIP code 61079 stands at $46,367, which places significant constraints on the financial capacity of households seeking rental housing. The market rate for rent in this area is reported to be $1,063 according to the latest Census ACS data. This means that a substantial portion of the average household's income would need to be allocated towards rent, potentially leaving little room for other essential expenses.
In contrast, the Housing Choice Voucher program offers a more affordable alternative, with the Fair Market Rent (FMR) set at $890 for ZIP 61079 in fiscal year 2024. This represents a considerable savings for voucher holders, making it easier for them to manage their monthly budget while still securing decent housing.
The ZIP code has a relatively low percentage of renters at 15.8%, with a total population of 210. This indicates a limited pool of potential tenants, which could intensify competition among landlords. Given the affordability gap between the market rate and the FMR, landlords should consider the benefits of accepting vouchers. While the upfront rent might be lower, the guaranteed payment and stability provided by the voucher program can outweigh the risks associated with finding and retaining cash-paying tenants in a tight rental market.
The takeaway for landlords is clear: accepting vouchers can be a strategic advantage in ZIP 61079. It allows them to serve a reliable tenant base without the risk of prolonged vacancies or the challenge of competing for the few cash-paying renters available. By aligning with the voucher program, landlords can tap into a steady stream of rental income, ensuring long-term financial stability.
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.