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Kankakee County/Bourbonnais/60914

60914

ZIPSAFMR
Kankakee County, IL
Zillow

ZIP Investment Score

94Below average

095130300
BRFMR
Eff. Rent
0 BR$1,070$920
1 BR$1,170$960
2 BR$1,530$1,360
3 BR$2,010$1,850
4 BR$2,130$2,140
5 BR$2,450Not available
6 BR$2,817Not available
7 BR$3,239Not available
8 BR$3,725Not available

Purchase Price Calculator

Maximum purchase price
$140,179

Cost breakdown

+Likely effective rent$1,360
HUD FMR$1,530
Market rentUsed$1,360
Est. payment standard (93%)$1,420
-Principal and interest-$709
Loan amount$112,143
Down payment$28,036
Rate6.50%
Term30 years
-Operating costs-$451
Property taxes-$140
Insurance-$175
Utilities$0
HOA$0
Management-$136
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,996(78.5% ROI)
Projected value
$150,957
Return breakdown
Property appreciation+$10,778
Loan principal paid down+$4,018
Rental cash flow+$7,200
5-year hold
+$37,586(134.1% ROI)
Projected value
$158,600
Return breakdown
Property appreciation+$18,421
Loan principal paid down+$7,165
Rental cash flow+$12,000
10-year hold
+$80,334(286.5% ROI)
Projected value
$179,441
Return breakdown
Property appreciation+$39,262
Loan principal paid down+$17,073
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.16
1 BR
1.22
2 BR
1.13
3 BR
1.09
4 BR
1.00
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60914 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60914 (Bourbonnais, IL) is $1,530 a month. That is up 2.7% from $1,490 in FY 2026. Bourbonnais is in the Kankakee, IL MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,349. Among 21 ZIP codes in Kankakee County, 60914 has the 3rd-highest two-bedroom rent (county range $1,200–$1,720). The median county two-bedroom FMR in Illinois is $958, so ZIP 60914 is 60% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60914
BedroomsFY 2027Change90–110% range
Studio$1,070+3.9%$963–$1,177
1BR$1,170+2.6%$1,053–$1,287
2BR$1,530+2.7%$1,377–$1,683
3BR$2,010+2.6%$1,809–$2,211
4BR$2,130+7.0%$1,917–$2,343

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60914
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,070$1,170$1,530$2,010$2,130
FY 2026$1,030$1,140$1,490$1,960$1,990
FY 2025$960$1,070$1,400$1,850$1,860
FY 2024$870$980$1,290$1,740$1,790
FY 2023$810$920$1,210$1,650$1,740

Two-bedroom rent in nearby Kankakee County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60914
60901$1,290−15.7%
60910$1,200−21.6%
60913$1,350−11.8%
60914Current$1,530—
60915$1,370−10.5%
60917$1,320−13.7%
60919$1,200−21.6%
60922$1,250−18.3%
60935$1,410−7.8%
60940$1,500−2.0%
60941$1,290−15.7%
60950$1,260−17.6%

Questions about ZIP 60914 rents

How much will Section 8 pay for a two-bedroom in ZIP 60914?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,349, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,214 to $1,484 a month; under the ZIP-level Small Area FMR of $1,530 it would be $1,377 to $1,683. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 60914 in?

ZIP 60914 is in the Kankakee, IL MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,349.

How much did fair market rent change in ZIP 60914 for FY 2027?

The two-bedroom FMR rose 2.7%, from $1,490 in FY 2026 to $1,530 in FY 2027. Since FY 2023 it has risen 26.4%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentBourbonnais, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources