Section 8 Fair Market Rent (FMR) for ZIP 61311 - 2027
Location: Livingston County, IL | Metro: La Salle County, IL
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $700 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$N/A
To determine if a landlord should buy in ZIP code 61311 for Section 8 purposes, follow this decision tree:
- Does the Fair Market Rent (FMR) of $970 cover the debt service on a property?
- If the answer is Yes, proceed to the next question. The FMR provides a baseline for rental income that can be expected from Section 8 tenants.
- If the answer is No, then buying in this area for Section 8 is not advisable. The FMR does not provide sufficient income to meet the financial obligations of owning the property.
- Is the market rent above, at, or below the FMR of $970?
- If market rent is above the FMR, consider the potential for higher non-Section 8 rents. This could be beneficial if the goal is to diversify tenant sources.
- If market rent is at the FMR, the area is perfectly aligned with Section 8 expectations, making it a suitable investment for those interested exclusively in Section 8 tenants.
- If market rent is below the FMR, the area is undervalued relative to what Section 8 can offer, potentially providing an opportunity for landlords who want to capitalize on the difference between market rates and government subsidies.
- Are 2.8% of residents renting and the N/A-day days on market (DOM) indicative of enough demand?
- If the answer is Yes, there is enough rental demand to support Section 8 properties. The percentage of renters and the DOM suggest a steady flow of potential tenants.
- If the answer is No, the low demand might make it difficult to fill vacancies with Section 8 tenants, leading to periods of non-income generation.
- If the answer is It Depends, further investigation into the local housing market trends and the specific needs of Section 8 tenants in the area would be necessary. Consider the competition and the overall economic conditions that could affect rental demand.
Note: Due to missing data points (N/A), some decisions cannot be made conclusively without additional information regarding market rent and DOM. However, with the given FMR of $970, landlords must ensure that this figure covers their debt service before considering other factors.
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.