Section 8 Fair Market Rent (FMR) for ZIP 61702 - 2027

FY 2027 Fair Market Rent Rates

The area covered by ZIP code 61702 in Illinois is characterized by its stable housing market, particularly notable for its Federal Market Rent (FMR) set at $1100 for fiscal year 2024. This figure provides a benchmark for rental properties within the region, guiding landlords and investors on pricing strategies.

• Federal Market Rent: The FMR for ZIP 61702 has been established at $1100 for the fiscal year 2024, reflecting the average fair market rent for a two-bedroom apartment in the area.
• Market Rent: Specific market rent data is currently unavailable, but it is expected that local rental rates will closely align with the FMR given the absence of significant outliers.
• Median Home Value: Data indicating the median home value is not available, which suggests that the area might be predominantly rental-focused or that there is insufficient data to provide an accurate median value.
• Renter Share: The percentage of residents who are renters is not available, making it challenging to gauge the proportion of tenants versus homeowners in the area.
• Days on Market (DOM): Information regarding the typical days on market for properties is not available, which could imply either a well-balanced market or a lack of recent transaction data.
• Median Income: The median income for the area is not available, which means that the financial capacity of potential tenants or buyers remains unspecified.

In summary, while some key metrics such as the median home value, renter share, days on market, and median income are currently unavailable for ZIP 61702, the established FMR at $1100 for a two-bedroom unit provides a reliable basis for setting rental prices. Investors should focus on properties that can be rented at or slightly below this benchmark to attract tenants, considering the limited availability of other market data points that would typically inform investment decisions.

Data Sources: FMR data from HUD (2027).

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.