Location: Vermilion County, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
The ZIP code 61844 is not predominantly a renter-heavy area. With only 11.0% of the population renting, it indicates that homeownership is more prevalent in this community. The total population stands at 1,031, suggesting a relatively small market for rental properties.
The median household income in this area is robust, sitting at $105,179. This figure is significantly higher than the typical market rent of $1,039 per month. To put this into perspective, the average rent consumes approximately 1.2% of the median household income, which is calculated by dividing the monthly rent by the annual income and multiplying by 100. This percentage is derived from the formula: ($1,039 / $105,179) * 12 = 12.46%, or roughly 1.2% of the annual income.
The Fair Market Rent (FMR) for the area is set at $1,130 for FY 2024, slightly above the current market rent. However, the disparity between the median income and the FMR suggests that most residents could afford rents without assistance. The FMR represents the threshold above which families paying more than 30% of their adjusted income for housing are considered overburdened, but given the high median income, very few households would fall into this category.
In terms of the Section 8 tenant pool, the demand for vouchers is likely to be shallow. The limited number of renters combined with the high median income means that the proportion of tenants relying on Section 8 vouchers will be small. Landlords in this ZIP can expect to attract tenants who are financially stable and likely do not require government assistance for housing. These tenants are typically well-employed, possibly in professional or managerial roles, and are capable of paying market rates without subsidy.
To conclude, ZIP 61844 is not an ideal location for focusing on Section 8 tenants due to the low percentage of renters and the high median income relative to the cost of housing. Landlords should prepare for a tenant base that is financially independent and seeks quality housing without the need for rental assistance programs.
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.