Location: Lee County, IL | Metro: Lee County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 61378 is set at $1,280 per month for the fiscal year 2026. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It's important to note that this is not the amount tenants will pay; it's the maximum subsidy the government will provide towards rent.
In comparison, the average rent for ZIP 61378, according to recent Census data, is $1,167. This suggests that landlords can potentially charge slightly above the average market rate while still being within the bounds of the Section 8 program.
The 31.5% renter share indicates that over three out of every ten households in this area are renters. This high percentage of renters points to a strong demand for rental properties, which is beneficial for landlords looking to participate in the Section 8 program.
When acquiring a property in ZIP 61378, the median home value stands at $280,731. This is the typical price you might expect to pay for a home in this area, which could be a starting point for calculating your investment return.
Before deciding to take on a Section 8 rental, it's crucial to verify that the property meets all local housing quality standards (HQS). These standards ensure that the property is safe, decent, and sanitary, and failure to meet them can result in penalties or termination from the program.
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.