Section 8 Fair Market Rent (FMR) for ZIP 61553 - 2027

Location: Fulton County, IL | Metro: Fulton County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$650
1 Bedroom	$730
2 Bedrooms	$930
3 Bedrooms	$1,290
4 Bedrooms	$1,300
5 Bedrooms	$1,508
6 Bedrooms	$1,689
7 Bedrooms	$1,824
8 Bedrooms	$1,915

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

303

Median Household Income

$44,844

Housing Units

109

Renter Percentage

13.3%

Occupancy Rate

96.3%

Renter Occupied

The town of Franklin, located in the heart of Connecticut, is characterized by its suburban charm and close proximity to major cities, making it an attractive location for both residents and investors. With a strong focus on family-friendly neighborhoods and a relatively low cost of living, Franklin offers a stable environment for rental properties.

The Fair Market Rent (FMR) for a one-bedroom apartment in ZIP code 61553 for fiscal year 2024 is set at $820, providing a benchmark for rental pricing in the area.
Average market rent for all property types in ZIP code 61553, according to the latest Census ACS data, is $863, indicating that the actual rental prices slightly exceed the FMR.
The median home value in ZIP code 61553 is not available, suggesting a significant portion of the housing stock is rentals rather than owner-occupied homes.
Renters make up 13.3% of the population in ZIP code 61553, a figure that underscores the importance of rental properties in the local market.
The median income in ZIP code 61553 is $44,844, which is below the national average, but still sufficient for a portion of the population to afford rental units priced around the FMR and market rates.

In summary, ZIP code 61553 presents a modest yet steady rental market, with rents slightly above the government-set FMR. The relatively low median income suggests that tenants are price-sensitive, so keeping rental prices close to the FMR can attract a larger pool of potential renters. Given the limited availability of data on home values and days on market, investors should focus on properties that offer good value and are well-maintained to appeal to the 13.3% of renters in the area. This analysis points to a niche market where affordability is key, and properties that align with the local economic conditions will likely perform well.

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.