Location: Vermilion County, IL | Metro: Vermilion County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,330 |
| 5 Bedrooms | $1,543 |
| 6 Bedrooms | $1,728 |
| 7 Bedrooms | $1,866 |
| 8 Bedrooms | $1,959 |
U.S. Census Bureau data (2024)
The median income in ZIP code 60932 stands at $243,544. This figure suggests that households within this area have a relatively high earning capacity. However, the absence of specific market rate data makes it challenging to directly assess the affordability gap for renters. Despite this, we can analyze the situation based on the existing information.
The Fair Market Rent (FMR) set at $900 for zip code 60932 in fiscal year 2024 represents the voucher payment standard. This amount is significantly lower than what might be expected given the median income levels. The implication is that renters receiving vouchers will face substantial difficulty finding housing that meets their needs and budget constraints.
With only 8.0% of the 373 residents being renters, competition among landlords for these tenants is likely to be low. This demographic indicates a predominantly owner-occupied community, which means that there are fewer potential renters overall. Landlords must consider this when deciding whether to cater to voucher recipients or focus on attracting cash-paying tenants who can afford higher rents reflective of the local income levels.
The takeaway for landlords is clear: while accepting vouchers ensures a steady stream of rental income, the limited number of renters and the disparity between the voucher payment standard and local income levels suggest that targeting cash-paying tenants could yield higher returns. However, landlords should also be prepared for a smaller pool of potential tenants due to the low percentage of renters in the area.
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.