Location: Livingston County, IL | Metro: Ford County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 60917 are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP is $970 per month for fiscal year 2024. This SAFMR is lower than the local market rent, which stands at $1,313 according to the Census ACS data.
A Section 8 voucher does not cover the entire rent amount. Landlords receive a reimbursement based on the SAFMR minus the tenant's portion of the rent plus any utility allowances. The tenant's portion is generally 30% of their income, but it can vary depending on their eligibility category and household size.
To illustrate, if a tenant's portion is $300 (based on a hypothetical income), the landlord would receive $970 - $300 = $670 from the housing authority. If there is an additional utility allowance of $100, the total reimbursement to the landlord would be $670 + $100 = $770. This means that for a two-bedroom unit rented at the market rate of $1,313, the landlord would have a reimbursement gap of $1,313 - $770 = $543.
The SAFMR being set at the ZIP level ensures that the rate is reflective of the local rental market conditions. However, since the SAFMR is lower than the market rent, landlords will typically experience a shortfall when renting to tenants with vouchers.
In ZIP 60917, landlords should expect a typical reimbursement gap for a two-bedroom unit of around $543 per month. This gap represents the difference between the market rent and the combined amount of the SAFMR reimbursement and utility allowance. It's important to note that while this gap exists, many landlords still find value in the stability and reliability of Section 8 payments.
For landlords considering participating in the Section 8 program, understanding these economic dynamics is crucial. While the reimbursement is less than the market rate, the benefits include guaranteed monthly rent payments and the ability to rent to qualified low-income individuals who might otherwise struggle to find housing.
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.