Location: Whiteside County, IL | Metro: Bureau County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 61243 in metro FY 2026 is set at $1,040. This figure represents the payment standard under the Section 8 program, which means that if you choose to participate in this housing assistance program, the government will pay up to $1,040 per month toward a tenant's rent. It's important to note that this is not the actual rent you can charge your tenants; it's the maximum amount the government will contribute.
To put this into perspective, the local market rent for ZIP 61243 is currently N/A. However, with a renter share of 15.3%, there is a significant demand for affordable housing in this area. This percentage indicates the proportion of households that are renters, suggesting a robust market for rental properties, especially those that cater to lower-income families.
While the acquisition cost for properties in ZIP 61243 is listed as N/A, the FMR of $1,040 gives you a benchmark to work with when setting your rent. The government aims to cover about 70% of the rent through the Section 8 voucher, leaving you to negotiate the remaining portion with the tenant. Given the 15.3% renter share, you can expect a reasonable level of interest in your property among eligible tenants.
Before deciding to enter the Section 8 rental market, ensure that your property meets all the necessary quality standards set by the Housing Quality Standards (HQS) inspection. This verification is crucial because failing to meet these standards could result in your property being ineligible for the program, regardless of its location or the FMR.
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.