Location: Vermilion County, IL | Metro: Vermilion County, IL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $62,013 | 1.61% | A+ |
| 3BR | $1,340 | $99,731 | 1.34% | A |
| 4BR | $1,400 | $134,054 | 1.04% | B |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 61832, Danville, IL, in fiscal year 2024 is set at $950. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not necessarily the amount you will receive as rent; it's the standard used to determine the maximum allowable rent for a voucher holder.
In comparison, the local Zillow Observed Rent Index (ZORI) stands at $851. This means that the average market rent for similar properties is lower than the FMR. As a landlord, you should be aware that the FMR is designed to ensure affordability for low-income tenants and may not reflect the actual market conditions.
The 40.1% renter share indicates that nearly 4 out of every 10 households in Danville are renters. This suggests a steady demand for rental housing, which is beneficial if you're considering entering the rental market. However, it also implies that competition among landlords could be significant, especially when dealing with subsidized housing programs like Section 8.
When looking at property acquisition costs, the median household income in Danville is $61,518. This figure helps to understand the economic context of the area and the potential earning capacity of your tenants. While this income level doesn't directly impact your rental income, it does provide insight into the financial stability of the community.
Before proceeding with your first Section 8 rental in Danville, it's crucial to verify that your property meets all the required standards. Specifically, ensure that your property passes the inspection for health and safety, which includes checking for lead-based paint hazards, structural integrity, and compliance with local housing codes. This verification step is essential because failing an inspection can delay your participation in the program and affect your ability to collect rent.
To summarize, the FMR of $950 sets the maximum rent you can charge under Section 8, while the ZORI of $851 reflects the typical market rent. With a 40.1% renter share, there is a solid demand for rentals, but you must ensure your property meets all necessary standards before participating in the program. The median household income of $61,518 provides context on the economic landscape of Danville, IL.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.