Location: Fulton County, IL | Metro: Fulton County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 61543 are defined by the SAFMR (Small Area Fair Market Rent) rates established by HUD for the fiscal year 2024. For a two-bedroom apartment, the SAFMR is set at $810. This rate is specifically tailored for this ZIP code, reflecting the local rental market conditions.
However, it's important to note that the local market rent data is currently unavailable. This means landlords must rely on the SAFMR as the benchmark for their rental pricing decisions when participating in the Section 8 program. The SAFMR serves as the ceiling for the amount that can be charged to tenants with vouchers, ensuring affordability while also providing a fair rate for landlords.
A Section 8 voucher works by covering a significant portion of the rent, but not all. The tenant is responsible for paying a portion of the rent themselves, typically around 30% of their income. For ZIP 61543, if we assume a tenant's portion is $243 based on average income levels (this figure would need to be adjusted based on the actual tenant's income), then the remaining $567 would be covered by the voucher.
In addition to the base rent, there are utility allowances that can vary depending on the specifics of the property and its location. These allowances are designed to cover a reasonable estimate of monthly utilities such as electricity, water, and gas. If we consider an average utility allowance of $150, this brings the total reimbursement from the voucher to $717 per month for a two-bedroom unit.
This means that landlords in ZIP 61543 who participate in the Section 8 program will receive $717 from the voucher plus the tenant's portion of $243, totaling $960. However, since the SAFMR is capped at $810, the landlord cannot charge more than this amount. Therefore, the landlord would receive $810 in total, creating a reimbursement gap of $150 per month.
To summarize, landlords in ZIP 61543 should expect to receive $810 for a two-bedroom unit under the Section 8 program, which is less than the combined tenant payment and voucher reimbursement due to the SAFMR cap. This results in a reimbursement gap where landlords do not fully recover the expected market rent.
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.