Section 8 Fair Market Rent (FMR) for ZIP 61372 - 2027

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Based on the available data and analysis, here is a market overview for ZIP code 61372, located in Troy Grove, Illinois:

The median home value in ZIP 61372 is $186,300, which is slightly below the national average. This area offers a stable real estate market for both homeowners and renters.

• The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, indicating a reasonable rent threshold for subsidized housing units.
• The market rent for two-bedroom apartments in ZIP 61372 typically ranges between $500 and $749 per month, inclusive of utilities, suggesting a moderate cost for renters.
• The median income in the area is $83,917, providing a solid economic foundation for residents and potential tenants.
• Renters comprise 11.7% of the population, reflecting a predominantly homeowner community with a growing interest in rental properties.
• While the exact Days on Market (DOM) figure was not found, the low renter share suggests that rental properties may take longer to be occupied, requiring careful management.

For landlords and small-portfolio investors, ZIP 61372 presents a balanced investment opportunity. With a median income above the national average and a reasonable FMR, there is a steady demand for rental properties, especially those priced competitively within the $500-$749 range. However, given the relatively low renter share, it is advisable to focus on long-term, stable tenants to ensure consistent occupancy rates.

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.