Location: La Salle County, IL | Metro: Grundy County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 60437 are straightforward. The SAFMR (Standard Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $1390 per month for the fiscal year 2024. This figure is crucial because it defines the maximum amount that a Section 8 voucher can cover for rent in this area.
Let's break down the payment structure for landlords. A tenant using a Section 8 voucher typically pays 30% of their adjusted income towards rent. This amount varies depending on the tenant's income but is always a fixed percentage. Additionally, there is a utility allowance which covers some of the tenant's utility costs, such as electricity, water, and gas. The utility allowance is separate from the rent and is determined by the local housing authority based on average utility costs in the area.
To illustrate, if a tenant's monthly adjusted income is $1000, they would pay $300 toward rent. The remaining $1090 would be covered by the Section 8 program, assuming the rent does not exceed the SAFMR. If the total rent for a two-bedroom unit is higher than $1390, the landlord will not receive the excess amount from the government; the tenant must make up the difference out of pocket.
The reimbursement gap or surplus occurs when the local market rent differs from the SAFMR. In ZIP 60437, however, the local market rent data is currently unavailable, which means we cannot precisely calculate the gap or surplus for a two-bedroom unit. But given the SAFMR, landlords should expect a reimbursement that caps at $1390 per month from the Section 8 program, plus any applicable utility allowance.
In summary, landlords in ZIP 60437 need to ensure their rental rates align with the SAFMR of $1390 for a two-bedroom unit to maximize their potential income while participating in the Section 8 program. Without specific local market rent data, it is challenging to provide a precise reimbursement gap or surplus, but it is clear that the program limits payments to the established SAFMR.
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.