Section 8 Fair Market Rent (FMR) for ZIP 61328 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The ZIP code 61328 is located in the heart of rural Illinois, offering a quiet and serene living environment. This area is primarily residential, with a strong focus on homeownership and a limited presence of rental properties.

• The Fair Market Rent (FMR) for a two-bedroom apartment in the metropolitan area for fiscal year 2026 is set at $920. This figure serves as a benchmark for housing costs but does not accurately reflect the rental market in ZIP 61328 due to its unique characteristics.
• The market rent for the area is currently not available, indicating that there might be a scarcity of rental units or that the data is outdated. This suggests a potential niche for landlords willing to cater to the few renters in the area.
• The median home value in ZIP 61328 is also not available, which could imply that the area is less tracked by real estate analysts or that it has a relatively stable housing market with fewer transactions.
• Renters make up only 0.0% of the population, highlighting the overwhelming preference for homeownership in this region. This statistic underscores the challenge in finding tenants but also points to opportunities in selling homes or long-term leases.
• The days on market (DOM) for listings is not available, which can be interpreted as either a robust sales market with quick turnover or a lack of recent transactional data to provide accurate insights.
• The median household income is not available, which is crucial for understanding the economic capacity of residents to afford housing. However, the absence of this data indicates that further research is necessary to assess the financial health of potential buyers or renters.

In summary, ZIP 61328 presents a unique market with a strong emphasis on homeownership and limited rental offerings. The FMR provides a baseline for housing costs, but the scarcity of specific rental market data suggests that landlords should conduct thorough local research before entering this market. Homeownership remains the dominant trend, making it a suitable location for investments in single-family homes rather than multi-unit rental properties. To succeed in this area, investors must understand the local economy and housing demand, which may require additional data collection beyond what is currently available.

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.