Location: Putnam County, IL | Metro: Putnam County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
U.S. Census Bureau data (2024)
The median income in ZIP code 61363 stands at $60,000, which places significant constraints on the rental budget for most households. At a market rate of $850 per month (as reported by the Census ACS), renting becomes challenging for the average resident. This figure represents a substantial portion of their monthly income, especially when considering other living expenses.
Comparatively, the Fair Market Rent (FMR) set for metro areas in fiscal year 2026 is $990, slightly higher than the current market rate. However, the actual payment standard under the Section 8 voucher program might be lower, aligning more closely with the market rate to ensure affordability for recipients.
In ZIP 61363, where 21.6% of the 250 residents are renters, the competition among landlords is likely to be fierce. The affordability gap between the median income and both the market rate and FMR suggests that many potential tenants will require assistance to cover their rent. This scenario means that landlords who rely solely on market-rate rents may struggle to fill vacancies if they do not offer competitive pricing or amenities.
For landlords considering their strategy, focusing on accepting Section 8 vouchers could provide a steady stream of tenants. While the voucher payment may not fully match the market rate, it ensures a reliable income source and reduces the risk of vacancy. Landlords should also consider the broader economic context of the area, including any trends in income growth or changes in housing demand, before deciding whether to prioritize voucher tenants or seek higher-paying cash-paying renters.
In summary, given the economic realities of ZIP 61363, landlords must weigh the benefits of accepting Section 8 vouchers against the potential for higher market-rate rents. The choice will depend on the landlord's financial goals and tolerance for vacancy risk.
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.