Location: Livingston County, IL | Metro: Livingston County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,330 |
| 5 Bedrooms | $1,543 |
| 6 Bedrooms | $1,728 |
| 7 Bedrooms | $1,866 |
| 8 Bedrooms | $1,959 |
U.S. Census Bureau data (2024)
The analysis for Section 8 properties in ZIP code 61769 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR is set at $1,010, while the Census ACS reports the market rent at $1,375. This means that there is a difference of $365 per month, or approximately 36%, between what voucher holders can pay and the open-market rent.
Given that the FMR is lower than the market rent, landlords must be aware of the financial implications of accepting housing vouchers. Voucher tenants pay only a portion of their income towards rent, which is typically around 30%. In ZIP 61769, where the median income stands at $59,886, voucher tenants would contribute roughly $1,497 annually, or about $125 monthly, towards their rent. The Housing Authority then pays the remaining amount up to the FMR, which in this case is $885 per month. Therefore, landlords receive a total of $1,010 from the voucher program, falling short of the market rent by $365 each month.
This discrepancy affects the overall profitability of rental properties. With only 4.5% of residents being renters, competition for rental units is relatively low. However, the median home value of $137,734 suggests that property values are high, which could increase maintenance and property management costs. Landlords need to carefully consider these factors when deciding whether to participate in the Section 8 program.
To summarize, the gap between FMR and market rent in ZIP 61769 makes it a challenging environment for landlords who wish to maximize their yields. Accepting Section 8 vouchers means renting below the market rate, which could impact long-term financial goals. It's crucial to balance the stability and security that voucher tenants provide with the potential for higher rents from open-market tenants.
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.