Location: Vermilion County, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The rent math in ZIP 60960 does not work favorably for landlords. The Fair Market Rent (FMR) set at $930 for the fiscal year 2024 is significantly higher than the market rent of $771, based on the latest Census ACS data. This discrepancy suggests that landlords might struggle to charge rents at the FMR level, as the market indicates a lower willingness to pay.
Acquisition in this area is relatively affordable. With a median home value of $102,266, potential investors can acquire properties at a lower cost compared to many other regions. However, the lack of data on days on market (DOM) and the percentage of homes sold with a price cut makes it difficult to assess the current market conditions for property sales. Landlords should be cautious about overpaying for properties without this crucial information.
Tenant demand is present but limited. The ZIP code has a total population of 946, with 26.3% of residents being renters. This means there are approximately 250 potential tenants in the area, which could support a small rental portfolio. However, the small population size limits the overall demand and may affect the ability to quickly fill vacancies or maintain high occupancy rates.
Verdict: ZIP 60960 presents a mixed opportunity for landlords and small-portfolio investors. While the acquisition costs are low, the rent math does not align well with the market, and tenant demand is modest due to the small population. Investors should proceed with caution, focusing on properties that can be rented at or near the market rate of $771, and be prepared for a smaller scale operation given the limited number of potential tenants.
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.