Location: La Salle County, IL | Metro: La Salle County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
U.S. Census Bureau data (2024)
ZIP code 61316, located within La Salle County, IL, offers insights into the local rental market dynamics. The Fair Market Rent (FMR) for this area is set at $1,070 for fiscal year 2026, which is below the market rent of $1,288. This suggests that while the market may be pricing rentals higher, the government's benchmark for reasonable rental costs is slightly lower.
The renter share in ZIP 61316 stands at 20.0%, indicating a moderate presence of renters compared to other ZIP codes in the county. However, the absence of data on home values means we cannot directly compare it against owner-occupied properties within the same area. This lack of information makes it challenging to fully assess the balance between rental and homeownership in the region.
To determine if ZIP 61316 is a value pocket, a mid-tier neighborhood, or a premium sub-market, we must consider the relationship between the FMR and market rent. With an FMR of $1,070 and a market rent of $1,288, landlords in this ZIP code can expect to charge above the FMR, potentially positioning it as a mid-tier neighborhood where rental rates are competitive but not excessively high. This could attract a mix of tenants, including those who might qualify for Section 8 assistance, given the gap between the two figures.
The 20.0% renter share is notable because it aligns with the potential for a Section 8 sweet spot. In areas where there is a significant number of renters and home values are lower than the metro average, landlords often find themselves in a favorable position due to the availability of subsidized housing options. Although the home value data is missing for ZIP 61316, the combination of a lower FMR and a substantial renter share hints at a scenario where Section 8 tenants could play a considerable role in the rental market.
In conclusion, based on the available figures, ZIP 61316 appears to be a mid-tier neighborhood within its metro. It has a moderate renter population and rental rates that exceed the FMR, making it attractive for both landlords and tenants seeking affordable housing. The potential for a higher concentration of Section 8 tenants due to the lower FMR and significant renter share should be considered when evaluating investment opportunities in this area.
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.