Location: Bureau County, IL | Metro: Bureau County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 61312 are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment is set at $1,330 per month for fiscal year 2026. This figure is higher than the local market rent, which stands at $1,038 according to the Census ACS.
A landlord should understand that a voucher does not cover the entire rent amount. The total reimbursement is calculated based on the tenant's portion of the rent plus any utility allowances. Typically, the tenant is expected to pay 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,500, the tenant would contribute approximately $450 towards the rent.
The remaining balance is covered by the housing authority, up to the SAFMR limit. In this case, the housing authority would reimburse the landlord $880 ($1,330 - $450), making the total reimbursement $1,330. However, if the local market rent is lower, the reimbursement will be capped at the market rent level, meaning the landlord would receive $1,038 in total, with the housing authority covering $588 ($1,038 - $450).
Utility allowances vary but generally add about $100 to $200 to the total reimbursement. For simplicity, let's say the utility allowance is $150. This brings the total reimbursement to $1,188 ($1,038 + $150) if the local market rent is used as the benchmark.
In ZIP 61312, the reimbursement gap or surplus for a two-bedroom apartment is clear. Given the local market rent is below the SAFMR, landlords will find themselves with a surplus when renting to Section 8 tenants. The surplus is $342 per month ($1,330 - $988, where $988 is the sum of the tenant contribution and utility allowance).
To summarize, in ZIP 61312, landlords can expect a Section 8 voucher to cover the majority of the rent, with a significant surplus due to the discrepancy between the SAFMR and the actual market rent. This makes Section 8 a favorable option for landlords looking to ensure consistent rental income without the risk of vacancy.
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.