Location: Rockford, IL | Metro: Rockford, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 61112 in fiscal year 2024 is set at $990. This figure represents the payment standard that landlords can expect to receive from the Housing Choice Voucher Program, commonly known as Section 8. It's important to note that this is not the amount tenants will pay in rent; rather, it's the maximum amount the program will cover.
While the local median rent for ZIP 61112 is listed as N/A, we can still use the FMR to gauge the potential demand for your rental property. Assuming a 100% renter share, which means the tenant would pay the full $990, the demand for affordable housing is likely high. However, since the actual local rent data is unavailable, you'll need to research further to understand the typical rent levels in the area.
The acquisition cost for properties in this ZIP code is also marked as N/A. This suggests there isn't enough data to provide an accurate average cost of acquiring a rental property here. To make an informed decision, you should look into recent property sales and listings in ZIP 61112 to estimate the cost of buying or building a property suitable for Section 8 tenancy.
Before proceeding with your first Section 8 rental in ZIP 61112, verify that your property meets all the necessary quality standards. The Housing Quality Standards (HQS) are a set of criteria that all Section 8 properties must satisfy. These include ensuring the property is safe, decent, and sanitary. Failure to meet these standards can result in penalties and loss of voucher eligibility.
In summary, the FMR of $990 provides a benchmark for the maximum assistance payment you can receive under the Section 8 program. With limited local data available, due diligence in researching both typical rent levels and property acquisition costs is crucial. Ensuring your property complies with HQS is non-negotiable for participation in the program.
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.