Section 8 Fair Market Rent (FMR) for ZIP 61331 - 2027

FY 2027 Fair Market Rent Rates

920 The Fair Market Rent (FMR) for ZIP code 61331 in metro FY 2026 stands at $920. This figure represents the maximum amount that landlords can charge for a Section 8 rental unit in this area. However, it's important to note that there is currently no available data on the market rent for this ZIP code, which means that the $920 FMR may or may not align closely with what tenants are actually paying in the private market.

920 Additionally, the lack of information on the median home value suggests that there might be limited data on property values in the area, making it difficult to assess the overall housing market dynamics. Without knowing the median income of residents in ZIP 61331, it's also challenging to determine how affordable the $920 FMR is relative to local incomes, though this is typically less relevant for Section 8 properties given the nature of the program.

920 The absence of data on days on market (DOM) indicates that there isn't enough recent transaction information to gauge how quickly properties are renting out in this area. Similarly, without a percentage for the price-cut share, it's impossible to evaluate how often landlords have to reduce their asking prices to attract tenants. These gaps in data could be due to a variety of factors, including a low volume of transactions or the specific nature of the housing market in ZIP 61331.

920 Given the limitations of the available data, the $920 FMR remains the key figure for landlords considering participation in the Section 8 program in ZIP 61331. While the lack of additional metrics complicates a full analysis, the FMR provides a clear benchmark for rental pricing under the program. For small-portfolio investors, this ZIP code presents an opportunity to secure stable rental income through the Section 8 program, although further investigation into local market conditions would be advisable before making any investment decisions.

920 Verdict: ZIP 61331 is a viable option for Section 8 rentals, with a clear FMR but lacking other critical market data points.

Data Sources: FMR data from HUD (2027).

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.