Location: La Salle County, IL | Metro: La Salle County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $980 |
| 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 Section 8 thesis for ZIP code 61371 centers around the disparity between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR is set at $1,020. However, the market rent data is currently unavailable, which complicates a direct comparison. Despite this, we can still provide insights based on the available FMR figure.
In ZIP 61371, where there are 0.0% renters and both the median home value and median income data are not provided, landlords should be aware that the FMR represents the maximum amount that the government will pay towards a tenant's rent through the Housing Choice Voucher program. This means that if a landlord accepts a Section 8 tenant, they are effectively agreeing to rent their property for no more than $1,020 per month.
If the FMR is higher than the local market rent, accepting Section 8 tenants could be a yield play. Landlords would receive a guaranteed payment from the government, which might exceed what they could get from traditional market-rate tenants. This scenario provides stability and a predictable income stream, making it attractive for those looking to maximize returns in a low-risk manner.
Conversely, if the FMR is lower than the market rent, landlords must consider the cost of renting below open-market rates. Accepting a voucher tenant at $1,020 when the market rate is higher means foregoing potential additional income. The decision to accept Section 8 tenants should be made with an understanding of the local rental market dynamics and the benefits of having a stable tenant versus maximizing short-term rental income.
The lack of specific market rent figures makes it impossible to calculate the exact gap in dollars and percent. However, the FMR serves as a benchmark for landlords to compare against their own rental pricing strategies. It is crucial to note that while the percentage of renters is extremely low at 0.0%, the absence of median home value and median income data suggests that ZIP 61371 might have unique characteristics that require careful consideration before investing.
To make informed decisions, landlords and small-portfolio investors in ZIP 61371 should closely monitor the local rental market and any updates to the FMR. They should also evaluate the overall desirability of the area and the potential for rental growth, which can impact the long-term viability of accepting Section 8 tenants.
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.