Section 8 Fair Market Rent (FMR) for ZIP 60949 - 2027

Location: Ford County, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$990
1 Bedroom	$1,000
2 Bedrooms	$1,180
3 Bedrooms	$1,480
4 Bedrooms	$1,550
5 Bedrooms	$1,798
6 Bedrooms	$2,014
7 Bedrooms	$2,175
8 Bedrooms	$2,284

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

564

Median Household Income

$60,750

Housing Units

250

Renter Percentage

41.3%

Occupancy Rate

80.4%

Renter Occupied

When considering whether to invest in ZIP 60949 for Section 8 properties, follow these steps:

Step 1: Clear Debt Service
- If the Fair Market Rent (FMR) of $930 can cover the debt service on your property, proceed. Otherwise, do not invest.
Step 2: Compare Market Rent to FMR
- If the market rent of $1,052 is above the FMR, you can potentially charge higher rents to non-Section 8 tenants. This increases flexibility but does not directly impact Section 8 suitability.
- If the market rent equals or is below the FMR, focus strictly on Section 8 eligibility criteria.
Step 3: Assess Rental Demand
- If 41.3% of residents are renters, this indicates a moderate rental market. However, without daily days on market (DOM) data, it's challenging to assess turnover rates.
- If the DOM is low, indicating quick turnover, there is likely strong demand for rentals. In this case, combined with a reasonable FMR, investment could be viable.
- If the DOM is high, suggesting slow turnover, consider the competition and vacancy rates before making a decision.

The decision to invest in ZIP 60949 hinges on whether the FMR can cover your debt service. If it cannot, do not invest. If it can, then evaluate the market rent against the FMR. A market rent above the FMR allows for greater flexibility, while an equal or lower market rent requires strict adherence to Section 8 guidelines. Lastly, assess the rental demand; if the DOM is low, there is strong demand, making investment more favorable. High DOM suggests caution, necessitating further investigation into local market conditions.

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.