Location: Champaign-Urbana, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
930 is the Fair Market Rent (FMR) for ZIP code 61847 as of fiscal year 2024, indicating the maximum amount that a Section 8 voucher holder can pay toward their housing. 1,010 represents the average market rent for the area based on Census ACS data, which is slightly above the FMR. This suggests that landlords participating in the Section 8 program might face some pressure to keep rents competitive while still receiving government subsidies.
217,108 is the median home value in ZIP 61847, reflecting the typical cost of homeownership in the region. However, only 9.4% of residents are renters, which means the rental market is relatively small compared to the overall population. This could impact the demand for rental properties, including those available under Section 8.
92,344 is the median income for households in this ZIP code, providing insight into the economic status of potential tenants. Given the median income, many households would likely qualify for assistance programs such as Section 8, which aims to help low-income families afford decent housing.
N/A indicates that there is no available data for the days on market (DOM) or the percentage of listings that have been price-cut. This lack of information makes it difficult to assess the current state of the local rental market's competitiveness and turnover rates. Landlords and investors should consider other sources to understand the dynamics of the rental market in ZIP 61847.
Despite the limited availability of specific metrics, the data paints a picture of a stable but modest rental market. The slight gap between the FMR and the average market rent suggests a need for landlords to balance affordability with profitability. With a median income of 92,344, there is a significant portion of the population that could benefit from the Section 8 program, potentially increasing the pool of qualified tenants.
The verdict for Section 8 participation in ZIP 61847 is cautiously positive, given the manageable gap between FMR and market rent, though investors should be prepared for a smaller tenant pool due to the lower renter share.
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.