Section 8 Fair Market Rent (FMR) for ZIP 61741 - 2027

Location: Livingston County, IL | Metro: Livingston County, IL

Investment Score for ZIP 61741

Monthly Rent (2BR)

$930

Median Price (2BR)

$139,673

1% Rule

0.67%

Annual Yield

7.99%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$650
1 Bedroom	$710
2 Bedrooms	$930
3 Bedrooms	$1,150
4 Bedrooms	$1,240
5 Bedrooms	$1,438
6 Bedrooms	$1,611
7 Bedrooms	$1,740
8 Bedrooms	$1,827

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$930	$139,673	0.67%	D
3BR	$1,150	$179,212	0.64%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,549

Median Household Income

$87,850

Housing Units

655

Renter Percentage

15.8%

Occupancy Rate

95.7%

Renter Occupied

The town of Forrest, IL, represented by ZIP code 61741, offers a unique blend of rural charm and accessibility to urban amenities. Nestled in the heart of Illinois, it provides a stable environment for both long-term residents and newcomers. Here's a concise market analysis based on recent data:

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $920.
The average market rent for properties in Forrest, IL, according to the Census American Community Survey (ACS), stands at $723.
The median home value in the area is $162,849, reflecting a modest but comfortable housing market.
Renters make up 15.8% of the population, indicating a smaller but steady demand for rental properties.
The median income of the residents is $87,850, suggesting that while there is financial stability, the area does not have a high-income demographic.
Unfortunately, the exact number of days on the market (DOM) for properties is not available, which might indicate a less active real estate market or limited data.

In summary, Forrest, IL, presents a modest investment opportunity with a slightly lower market rent compared to the FMR, indicating potential for rental growth. The median home value is reasonable, and the median income supports affordability. However, the relatively low renter share and unavailability of DOM data suggest a need for careful consideration of the local market dynamics before making significant investments. This area is best suited for those looking for a stable, long-term investment in a tranquil setting.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.