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 | $840 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,210 | $175,749 | 0.69% | D |
| 3BR | $1,590 | $222,352 | 0.72% | D |
| 4BR | $1,630 | $298,124 | 0.55% | F |
| 5BR | $1,891 | $390,235 | 0.48% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 61107 in Rockford, Illinois, for fiscal year 2024 is set at $1,050. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay landlords participating in the Section 8 program for a given unit. It's important to note that this is not the rent you can charge your tenant; it's the payment standard HUD uses to determine the subsidy.
In contrast, the local Zillow Observed Rent Index (ZORI) for ZIP 61107 is $1,381. This means that on average, market rents in the area are higher than the FMR. As a landlord, you might find that your actual rent could exceed the $1,050 FMR, but any rent above this amount would need to be paid by the tenant out-of-pocket, potentially reducing demand for your property.
The 28.9% renter share indicates that nearly 29% of households in this area are renters, suggesting a moderate level of demand for rental properties. However, since Section 8 tenants have a fixed budget for housing, the demand among this segment may be more sensitive to price changes.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in ZIP 61107 is approximately $216,888. This is the typical price range for homes in the area, which gives you an idea of the initial investment required to enter the Section 8 market here.
Before you decide to pull the trigger on your first Section 8 rental in Rockford, ensure that you verify the property meets all necessary requirements for participation in the program. These include safety standards, structural integrity, and compliance with local codes. The effort to meet these criteria upfront will save you from potential issues later.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.