Location: Lee County, IL | Metro: Lee County, IL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,300 | $182,892 | 0.71% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 61310 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment is set at $940 per month for fiscal year 2026. This figure represents the maximum amount that the program will pay for a two-bedroom rental unit in this specific ZIP code. In comparison, the local market rent for a similar unit is reported at $847 per month according to the Census ACS.
A landlord participating in the Section 8 program receives reimbursement from the government for the difference between the market rent and the tenant's portion. The tenant's share is typically 30% of their adjusted income, which must be below a certain threshold to qualify for assistance. If the tenant's portion is less than the difference between the market rent and the SAFMR, the landlord will receive the remainder from the housing authority to make up for the shortfall. However, if the tenant's portion is higher than the difference, the landlord will still only receive the SAFMR amount.
To illustrate, let's assume a tenant's portion is calculated to be $200 per month. The total reimbursement a landlord would receive for a two-bedroom apartment rented at the local market rate of $847 would be:
In this scenario, the landlord would receive a total of $847 per month, with the tenant paying $200 and the housing authority covering the remaining $647. However, if the market rent were higher than the SAFMR, the housing authority would still only pay up to $940, minus the tenant's portion.
Utility allowances also play a role in the reimbursement structure. These allowances vary based on the type of unit and can range from around $150 to $250 per month. The allowance is added to the tenant's portion to determine the total monthly payment. For example, if the utility allowance is $200, the total reimbursement would be:
This means the landlord would receive a total of $940 per month, with the tenant and the housing authority splitting the cost. If the market rent is $847, the landlord would receive $847, with the housing authority covering the difference between the market rent and the tenant's share plus utilities.
Given these figures, landlords in ZIP 61310 who participate in the Section 8 program renting out a two-bedroom unit at the local market rate of $847 will see a surplus of $93 per month over the SAFMR reimbursement rate. This surplus is due to the lower local market rent compared to the SAFMR, meaning landlords could potentially collect more than the maximum allowable program payment while still receiving the full tenant's share plus utilities.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.