Location: Ford County, IL | Metro: Ford County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 60933 are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2026 is set at $1,010. This figure represents the maximum amount that the Housing Choice Voucher program will pay for rent in this area. However, it's important to note that the local market rent for a similar unit is significantly lower, running at $736 according to Census ACS data.
When a landlord participates in the Section 8 program, the voucher does not cover the entire rent. Tenants are required to contribute a portion of their income towards the rent, typically around 30% of their adjusted monthly income. In ZIP 60933, if we assume the tenant's contribution is the standard 30%, and given the SAFMR of $1,010, the tenant would need to pay approximately $303. This leaves the remaining $707 for the government to cover.
In addition to the rent, there are utility allowances which can vary. For simplicity, let’s consider an average utility allowance of $200. This means that the total reimbursement from the government to the landlord, including utilities, would be $907 ($707 for rent plus $200 for utilities).
This setup means that the landlord receives $907 from the government and $303 from the tenant, totaling $1,210. However, since the market rent for a two-bedroom unit is $736, landlords effectively receive a surplus of $474 per month above the local market rate when participating in the Section 8 program in ZIP 60933.
To summarize, the typical reimbursement gap or surplus in ZIP 60933 for a two-bedroom unit is a surplus of $474 per month. This surplus is calculated based on the difference between the combined payment from the government and tenant ($1,210) and the actual local market rent ($736). Landlords should be aware that while the SAFMR sets the maximum rent, the actual reimbursement depends on the tenant's contribution and any applicable utility allowances.
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.