Location: Rockford, IL | Metro: Rockford, IL MSA
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 | $1,070 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $146,741 | 0.73% | D |
| 3BR | $1,410 | $253,183 | 0.56% | F |
| 4BR | $1,440 | $311,559 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 61080, located in South Beloit, IL, stands out within Winnebago County due to its unique demographic and economic characteristics. With a population of 10,955, it has a rental rate of 27.1%, which is slightly above the national average. The median household income in South Beloit is $76,579, indicating a middle-class community. However, the median home value of $231,779 is notably higher than the median income, suggesting that homeownership might be challenging for some residents.
Turning to the voucher economics, the Fair Market Rent (FMR) for ZIP 61080 in fiscal year 2024 is set at $970. This figure is higher than the current market rent of $942, as reported by the Census Bureau's American Community Survey (ACS). This discrepancy means that landlords participating in the Section 8 program can expect to receive slightly more than the typical market rate for their units, making it an attractive option for those looking to ensure steady rental income.
The data signature for ZIP 61080 reads as stable. Despite the relatively high median home value, the rental market remains active, and the slight increase in FMR over market rates suggests that the housing assistance programs are well-calibrated to support the local economy without causing significant disruption. Landlords and small-portfolio investors should find this environment conducive to long-term planning and investment, with the assurance of consistent demand for rental properties.
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.