Location: Ogle County, IL | Metro: Ogle County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 61030 are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1,040 per month for the fiscal year 2026. This figure is specific to this ZIP code and reflects the local rental market conditions more accurately than a broader metro or county-level rate would.
Local market rents, according to the Census ACS, run at $731 for a similar unit. This discrepancy highlights the potential benefits for landlords participating in the Section 8 program, as they can charge closer to the SAFMR rather than the lower local market rate.
A voucher payment under Section 8 consists of two main components: the tenant's portion and the utility allowance. The tenant typically pays 30% of their adjusted income towards rent. If we assume an average adjusted income for a household eligible for Section 8, the tenant’s contribution could be calculated as follows:
For instance, if a tenant's monthly adjusted income is $1,500, they would pay 30% of this amount, or $450, towards rent. The remaining balance is covered by the voucher, up to the SAFMR limit. In this case, the voucher would cover the difference between the SAFMR ($1,040) and the tenant's contribution ($450), which is $590.
Utility allowances vary but generally provide additional funds to cover water, sewer, gas, electricity, and other essential services. These allowances are not directly paid to the landlord but are included in the overall rent calculation. For ZIP 61030, let's assume a utility allowance of $150 per month. This means the total voucher payment would be $590 for rent plus $150 for utilities, totaling $740.
This calculation reveals that landlords in ZIP 61030 can expect a reimbursement of approximately $740 per month for a two-bedroom apartment under the Section 8 program. Given the local market rent of $731, landlords are likely to see a small surplus of about $9 per month when factoring in the typical utility allowance.
In summary, landlords in ZIP 61030 participating in Section 8 can secure a steady stream of income close to the SAFMR rate of $1,040, with the actual reimbursement being around $740, leading to a slight surplus over the local market rent of $731.
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.