Location: Rockford, IL | Metro: Rockford, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
The ZIP code 61105 in Unknown, IL, presents a unique challenge due to the lack of specific population and rental statistics. However, based on the available information, it is possible to infer certain characteristics about the area's suitability for Section 8 tenants.
With a median household income that is currently unspecified, it is difficult to draw precise conclusions about the economic conditions of the residents. Nevertheless, the Fair Market Rent (FMR) for the area, set at $1020 for fiscal year 2024, provides a benchmark for evaluating the potential demand for rental properties among voucher holders.
The FMR serves as an indicator of the affordability of housing for low-income families. If the median market rent in ZIP 61105 aligns closely with the FMR, it suggests that there is a strong presence of low-income households who might rely on Section 8 vouchers to secure housing. Conversely, if the market rent significantly exceeds the FMR, it could imply that fewer voucher holders can afford the rent, making the pool of Section 8 tenants smaller.
To determine the percentage of local income that typical rent consumes, we would need the median household income figure. This calculation is crucial for understanding the financial burden that rent represents for the average resident. For instance, if the median household income were $40,800 (based on the assumption that the FMR represents 30% of the area median income), then the $1020 FMR would indeed be a significant portion of their earnings.
In terms of tenant profiles, landlords in ZIP 61105 can anticipate a mix of low-income individuals and families who are likely to have limited financial resources. These tenants will heavily rely on their vouchers to cover the majority of their rent payments. It is important for landlords to ensure that their rental units meet the necessary standards to qualify for the Section 8 program, which includes passing inspections and adhering to rent limits.
Given the unknowns regarding the exact percentage of renters and median income, landlords should focus on maintaining competitive rents close to the FMR to attract and retain Section 8 tenants. They must also be prepared for the administrative requirements associated with the program, including regular inspections and documentation.
In conclusion, while specific data points are missing, the analysis of the FMR and the general reliance on vouchers suggest that ZIP 61105 has a tenant pool that is suitable for landlords willing to participate in the Section 8 program, provided they are ready to manage properties according to the program's criteria.
Data Sources: FMR data from HUD (2027).
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.