Location: Vermilion County, IL | Metro: Vermilion County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP code 61846 in relation to Section 8 properties reveals several potential challenges. Tenant turnover is a significant concern due to the disparity between the market rent of $780 and the Fair Market Rent (FMR) of $960 for fiscal year 2024. Landlords may face frequent changes in occupancy, which can lead to increased administrative costs and the need for regular property showings.
Vacancy exposure remains another critical issue. The Days on Market (DOM) figure is currently unavailable, indicating that landlords might struggle to predict how long it will take to fill vacancies. This unpredictability can result in extended periods without rental income, putting financial pressure on the property owner.
The deferred maintenance risk is also noteworthy. With a typical home value of $100,520 and a median income of $60,871, tenants may lack the resources to cover any necessary repairs or upgrades beyond their voucher amount. This financial strain could lead to higher maintenance costs for the landlord, especially if the property requires significant updates to meet housing standards.
Despite these risks, the high renter share of 20.6% in ZIP 61846 suggests a robust demand for rental housing, including Section 8 vouchers. A larger proportion of renters typically translates into a higher likelihood of finding qualified tenants who can utilize housing assistance programs, thereby stabilizing occupancy rates over time.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.