Location: De Witt County, IL | Metro: De Witt County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The ZIP code 61777 presents an interesting scenario for both renters and landlords. Given the median income of $90,250, it's essential to understand how this figure aligns with the rental market dynamics.
The market rate for rentals in this area stands at $782 according to the Census ACS data. This means that on average, a household earning the median income would have to allocate approximately 11% of their gross monthly income towards rent, which is feasible but leaves little room for other expenses.
In contrast, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920. This represents a significant increase over the current market rate, indicating that the cost of living could be rising faster than incomes. For renters relying on vouchers, this FMR suggests they might face challenges finding affordable housing within the standard payment limits.
With only 17.4% of the 956 residents being renters, the competition among landlords is relatively low. However, the affordability gap between the median income and both the market rate and FMR highlights a potential challenge in attracting tenants who can afford higher rents without assistance.
For landlords considering their strategy, the key takeaway is clear: there is a notable disparity between what renters can afford based on their income and the actual rent levels. Accepting voucher payments could be a viable option given the limited number of renters and the likelihood that some may require financial assistance to meet the FMR. However, focusing on cash-paying tenants who can manage the $782 market rate may also be beneficial, especially if they are willing to pay slightly above the market rate due to the low competition.
In summary, landlords in ZIP 61777 should weigh the benefits of accepting voucher payments against the possibility of securing higher rents from cash-paying tenants. The decision should consider the local economic conditions and the specific needs of the tenant base.
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.