Location: Livingston County, IL | Metro: Ford County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 60919 are defined by the SAFMR (Small Area Fair Market Rent) which is specifically set for this ZIP. For a two-bedroom apartment in FY 2024, the SAFMR is $1160. This figure represents the maximum amount that the housing authority will pay on behalf of a tenant who uses a Section 8 voucher.
Local market rents, according to Census ACS data, run at $956 for a similar two-bedroom unit. This means that landlords can expect the Section 8 reimbursement to be higher than the average market rate in this area. However, the actual reimbursement depends on several factors including the tenant's portion of the rent and utility allowances.
The tenant is required to pay 30% of their adjusted income towards the rent. If we assume an average adjusted income of $1547 (which is 30% of the SAFMR), then the tenant would contribute $464 to the rent. This leaves a significant portion of the rent to be covered by the voucher.
In addition to the tenant's contribution, there are utility allowances. These vary but typically cover a reasonable estimate of electricity, water, and other utilities. For simplicity, let's say the utility allowance adds another $200 to the reimbursement.
Therefore, the total reimbursement a landlord can expect from a Section 8 voucher for a two-bedroom unit would be the sum of the tenant's contribution and the utility allowance, which equals $664 ($464 + $200).
This calculation shows that the landlord would receive a total of $664 from the tenant and the utility allowance, leaving the housing authority to pay the remaining $496 of the SAFMR ($1160 - $664). This results in a surplus for the landlord since the market rent is only $956. The difference between the market rent and the total reimbursement is $296 ($1160 - $956).
In summary, landlords in ZIP 60919 can expect a surplus of $296 per month when renting a two-bedroom unit to a tenant using a Section 8 voucher. This makes participating in the program financially advantageous compared to renting at market rates.
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.