Location: Vermilion County, IL | Metro: Vermilion County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 61817 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 61817 in fiscal year 2024 is set at $1070, while the Census ACS data indicates that the average market rent stands at $899. This means there is a $171 gap, representing a 19.0% difference between the two figures.
Given that the FMR exceeds the market rent, this area presents an attractive opportunity for landlords and small-portfolio investors looking to maximize their rental yields. Voucher tenants provide a guaranteed income stream, which is particularly beneficial when the FMR is higher than the local market rate. With 22.3% of residents being renters and a median income of $80,375, the demand for affordable housing is strong, making it a viable investment strategy.
The median home value in ZIP 61817 is $166,267, indicating a relatively affordable living environment. However, the gap between FMR and market rent suggests that landlords who accept Section 8 vouchers can charge closer to the FMR without significantly deterring tenants. This allows for a higher return on investment compared to renting at market rates.
In conclusion, the discrepancy between the FMR and market rent in ZIP 61817 makes it a prime location for landlords seeking to leverage the Section 8 program for better yields. The combination of a high FMR, moderate median home values, and a substantial percentage of renters creates an environment where accepting housing vouchers can be financially advantageous.
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.