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Boone County/Garden Prairie/61038

61038

ZIPSAFMR
Boone County, IL
Zillow

ZIP Investment Score

80Below average

095130300
BRFMR
Eff. Rent
0 BR$990$1,090
1 BR$1,080$1,190
2 BR$1,310$1,440
3 BR$1,710$1,790
4 BR$1,860$1,920
5 BR$2,139Not available
6 BR$2,460Not available
7 BR$2,829Not available
8 BR$3,253Not available

Purchase Price Calculator

Maximum purchase price
$152,067

Cost breakdown

+Likely effective rent$1,440
HUD FMR$1,310
Market rent$1,510
Est. payment standard (110%)Used$1,440
-Principal and interest-$769
Loan amount$121,654
Down payment$30,413
Rate6.50%
Term30 years
-Operating costs-$471
Property taxes-$152
Insurance-$175
Utilities$0
HOA$0
Management-$144
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$23,251(76.5% ROI)
Projected value
$163,759
Return breakdown
Property appreciation+$11,693
Loan principal paid down+$4,359
Rental cash flow+$7,200
5-year hold
+$39,755(130.7% ROI)
Projected value
$172,050
Return breakdown
Property appreciation+$19,983
Loan principal paid down+$7,772
Rental cash flow+$12,000
10-year hold
+$85,112(279.9% ROI)
Projected value
$194,659
Return breakdown
Property appreciation+$42,592
Loan principal paid down+$18,520
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.68
1 BR
0.86
2 BR
0.87
3 BR
0.93
4 BR
0.95
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 61038 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 61038 (Garden Prairie, IL) is $1,310 a month. That is up 4.0% from $1,260 in FY 2026. Garden Prairie is in the Rockford, IL MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 17 ZIP codes in Boone County, 61038 has the 9th-highest two-bedroom rent (county range $1,060–$1,760). The median county two-bedroom FMR in Illinois is $958, so ZIP 61038 is 37% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 61038
BedroomsFY 2027Change90–110% range
Studio$990+5.3%$891–$1,089
1BR$1,080+4.9%$972–$1,188
2BR$1,310+4.0%$1,179–$1,441
3BR$1,710+3.0%$1,539–$1,881
4BR$1,860+2.8%$1,674–$2,046

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 61038
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$990$1,080$1,310$1,710$1,860
FY 2026$940$1,030$1,260$1,660$1,810
FY 2025$950$1,040$1,280$1,680$1,850
FY 2024$880$970$1,200$1,570$1,750
FY 2023$760$840$1,040$1,380$1,530

Two-bedroom rent in nearby Boone County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 61038
61008$1,150−12.2%
61011$1,760+34.4%
61012$1,060−19.1%
61016$1,060−19.1%
61038Current$1,310—
61065$1,760+34.4%
61073$1,570+19.8%
61080$1,070−18.3%
61107$1,210−7.6%
61108$1,170−10.7%
61111$1,250−4.6%
61114$1,480+13.0%

Questions about ZIP 61038 rents

How much will Section 8 pay for a two-bedroom in ZIP 61038?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,310, that basic range is $1,179 to $1,441 a month. 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 61038 in?

ZIP 61038 is in the Rockford, IL MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 61038 for FY 2027?

The two-bedroom FMR rose 4.0%, from $1,260 in FY 2026 to $1,310 in FY 2027. Since FY 2023 it has risen 26.0%.

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 rentGarden Prairie, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources