Location: Fulton County, IL | Metro: Fulton County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
ZIP code 61477, located within the Fulton County, IL metro, presents a unique set of characteristics when compared to typical ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 61477 is set at $910 for fiscal year 2024. This figure represents the maximum amount that a household receiving federal rental assistance can pay for housing.
While the market rent and home value data are not available for ZIP 61477, the 13.5% renter share provides insight into the local rental market dynamics. A higher proportion of renters relative to homeowners suggests a greater demand for rental properties, which could indicate an area where rental income might be more stable and predictable.
To determine if ZIP 61477 is a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we must consider the FMR alongside the renter share. In many cases, a ZIP code with a lower FMR but a higher renter share than the average can be considered a sweet spot for Section 8 landlords and small-portfolio investors. This is because the higher renter share implies a larger pool of potential tenants who qualify for federal rental assistance programs.
The absence of market rent and home value data for ZIP 61477 makes it difficult to place it precisely within the hierarchy of value pockets, mid-tier neighborhoods, or premium sub-markets. However, the $910 FMR suggests that the cost of living here is relatively affordable compared to other areas within the metro. If the typical ZIP codes in Fulton County have higher FMRs, then ZIP 61477 would likely be categorized as a value pocket, offering a lower cost of living while still providing stable rental income opportunities due to the significant renter share.
In conclusion, based on the available data, ZIP 61477 appears to be a potentially attractive area for landlords and small-portfolio investors interested in Section 8 properties. The combination of a moderate FMR and a substantial renter share indicates a stable rental market with a ready supply of qualified tenants. To make a more definitive assessment, additional data on market rents and home values for both ZIP 61477 and typical Fulton County ZIPs would be beneficial.
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.