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 61131 in Unknown, IL, presents a market in motion, characterized by a specific set of data points that reveal underlying dynamics. The Fair Market Rent (FMR) for ZIP 61131 stands at $1020 for fiscal year 2024, indicating the government's benchmark for rental affordability in the area.
Despite the lack of current market rent data, the absence of price-cut share percentages and days on market (DOM) suggests a stable rental environment without significant distress sales or prolonged vacancies. This implies that the market is not experiencing a surplus of available units that might indicate supply outpacing demand. Instead, it hints at a balanced or slightly demand-driven scenario, where landlords can maintain their rental rates without substantial adjustments.
The median home value being listed as N/A could be due to limited sales activity in recent periods, but it also reflects the focus on rental properties in this analysis. The unknown percentage of the renter share in the housing stock provides insight into long-term housing pressure. A higher renter share typically correlates with increased housing pressure, as renters may face challenges finding affordable options, leading to competition for units and potentially driving up rents. Conversely, a lower renter share might suggest a more owner-occupied community, which can stabilize rental prices but also limit the flexibility of the housing market to respond to economic changes.
In summary, while specific metrics such as market rent and median home values are unavailable, the static nature of the FMR and the lack of price-cutting among rentals suggest a market where demand is keeping pace with or possibly exceeding supply. The dynamics here point towards a steady rental environment, with potential long-term pressures depending on the actual renter share, which would require further investigation to determine definitively.
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.