Location: Vermilion County, IL | Metro: Vermilion County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
The ZIP code 61812 is analyzed for its suitability as a pool for Section 8 tenants. With a population of 322, only 18.3% are renters, indicating that this is primarily a homeowner-dominated area. The median household income stands at $103,750, which contrasts sharply with the typical market rent of $1,010.
To understand the impact of rent on local incomes, we can calculate that the average rent consumes approximately 1.9% of the median household income. This percentage is derived from dividing the market rent ($1,010) by the median household income ($103,750) and multiplying by 100. In comparison, the Fair Market Rent (FMR) for the area is set at $910 for FY 2024, suggesting that the actual market rent slightly exceeds the FMR.
Given the low percentage of renters and the relatively high median income, it's unlikely that there will be a deep demand for voucher-assisted housing in this ZIP code. Landlords in 61812 should anticipate a tenant profile that aligns closely with the broader economic conditions of the area. Tenants will likely have stable employment and a strong preference for affordable rental options, but the overall number of potential Section 8 applicants is expected to be limited.
In conclusion, while the ZIP code 61812 offers opportunities for landlords, the focus should be on attracting a broad range of tenants rather than relying heavily on those utilizing Section 8 vouchers. The income levels suggest that most residents can afford higher rents without assistance, making the ZIP less ideal for those specifically targeting subsidized housing markets.
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.