Location: Lee County, IL | Metro: Lee County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The ZIP code 61367 presents an interesting landscape for both renters and landlords. The median income here stands at $60,824, which provides a baseline for understanding the financial capabilities of local households. When considering the market rate rent of $961, it becomes evident that a significant portion of the population may struggle to meet these costs without financial assistance.
In comparison to the Fair Market Rent (FMR) set at $1,030 for the fiscal year 2026, the market rate appears slightly more affordable. However, this doesn't fully capture the reality faced by renters, especially those relying on Section 8 vouchers. The voucher payment standard is higher than the current market rate, indicating a potential opportunity for landlords who accept vouchers.
With 49.2% of the population being renters and a total population of 843, the competition among landlords is likely to be moderate. This percentage suggests a substantial demand for rental properties, but also highlights the importance of affordability in attracting tenants. The gap between the median income and both the market rate and FMR underscores the necessity for landlords to consider the financial constraints of their potential tenants.
The takeaway for landlords is clear: accepting Section 8 vouchers can provide a steady stream of income, as the voucher payments are closer to the FMR than the typical market rate. While cash-paying tenants might offer lower rents, the reliability and fixed nature of voucher payments make them a viable option in this ZIP code. Landlords should weigh the benefits of each strategy based on the local economic conditions and the specific needs of their properties.
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.