Location: La Salle County, IL | Metro: Bureau County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 61320, which is part of the larger metro area, has been set at $1,110 for fiscal year 2026. This figure represents the payment standard that landlords can expect to receive from the government through the Section 8 program for renting a unit to eligible tenants. It's important to note that this is not the amount that tenants will pay; it's the maximum amount the government will subsidize.
In comparison, the average rent for the same ZIP code, according to the latest Census American Community Survey (ACS), is $919. This indicates that the FMR is slightly higher than the typical market rate, potentially offering a better deal for landlords who participate in the program.
The 18.7% share of renters in the area suggests a moderate demand for rental properties. While not overwhelming, there is a significant portion of the population that relies on rentals, which can be beneficial for landlords looking to ensure occupancy rates.
If you're considering purchasing a property in ZIP 61320 for your first Section 8 rental, the median home value is around $150,651. This price point should be considered alongside the FMR when evaluating potential returns on investment. Remember, the FMR is the cap for the government subsidy, so any rent above this amount must be paid by the tenant themselves.
Before making a final decision, it's crucial to verify the property's eligibility for the Section 8 program. Ensure that the unit meets all the required safety and quality standards set by the housing authority. This includes passing inspections and meeting specific criteria regarding size, amenities, and condition.
Participating in the Section 8 program can provide a stable source of income for landlords, especially in areas where the FMR exceeds the average market rent. Given the 18.7% renter share and the established FMR, there is a reasonable opportunity to secure long-term tenants while maintaining profitability.
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.