Section 8 Fair Market Rent (FMR) for ZIP 61831 - 2027

Location: Vermilion County, IL | Metro: Vermilion County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$770
1 Bedroom	$780
2 Bedrooms	$990
3 Bedrooms	$1,330
4 Bedrooms	$1,390
5 Bedrooms	$1,612
6 Bedrooms	$1,805
7 Bedrooms	$1,949
8 Bedrooms	$2,046

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

160

Median Household Income

$103,750

Housing Units

108

Renter Percentage

N/A

Occupancy Rate

81.5%

Renter Occupied

The town covered by ZIP code 61831 is characterized by its predominantly owner-occupied housing units, with a negligible rental market presence. This area is situated in a region known for its strong economic foundation, supported by a robust median income. Despite the lack of extensive rental market data, the Fair Market Rent (FMR) provides insight into the potential rental values.

The Fair Market Rent for ZIP 61831 for fiscal year 2024 is set at $940.
The median home value in the area is not available, indicating a limited dataset on residential property values.
Rental market share stands at 0.0%, suggesting that the majority of residents own their homes rather than renting.
The Days on Market (DOM) for properties is not available, which could imply a strong seller's market where listings are quickly purchased.
The median household income in ZIP 61831 is $103,750, reflecting a community with significant financial stability and purchasing power.

Given the high median income and the low rental market share, it is evident that this area is primarily attractive to homeowners rather than renters. The FMR of $940 can be used as a benchmark for setting rental rates if an investor decides to offer rental properties in this area. However, the scarcity of rental market data suggests that the demand for rentals may be limited. For investors looking to enter this market, focusing on the acquisition of properties for owner-occupancy or long-term buy-and-hold strategies might prove more profitable than short-term rentals.

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.