Location: Vermilion County, IL | Metro: Vermilion County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The ZIP code 61834 has a population of 7,821 residents, with 12.9% being renters. This indicates that the area is not heavily dominated by renters; rather, it leans towards a homeowner-dominated community. The median household income stands at $82,443, which provides a baseline for understanding the economic landscape.
In terms of rental affordability, the typical market rent of $874 represents approximately 10.6% of the median household income. This percentage suggests that the rent is relatively affordable compared to the average income in the area, indicating that the majority of residents can comfortably afford their housing costs without relying heavily on rental assistance programs such as Section 8 vouchers.
The Fair Market Rent (FMR) for ZIP 61834, set at $1010 for FY 2024, is higher than the current market rent. This means that landlords could potentially increase rents closer to the FMR level without significantly impacting the ability of most tenants to pay. However, the difference between the FMR and the market rent also highlights that there is a gap in what the government considers fair versus what the market is currently offering, which could affect the number of Section 8 vouchers available in the area.
A landlord in ZIP 61834 should expect tenants who are likely to be financially stable and capable of paying market rates without government assistance. Given the lower proportion of renters and the relative affordability of the market rent compared to the median income, the demand for Section 8 vouchers is expected to be less intense than in areas with higher percentages of renters or lower median incomes. Landlords may still encounter some tenants seeking voucher assistance, but these cases will be less common.
To summarize, ZIP 61834 is not a renter-heavy area with deep voucher demand. Instead, it is a community where homeownership is prevalent, and rental properties are typically occupied by individuals who can manage market rents independently. The typical rent consumes a modest portion of the local income, making it an attractive location for landlords looking for stable tenants.
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.