Location: Douglas County, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The median income in ZIP code 61851 stands at $59,167. Considering the market rate is currently unavailable, it's essential to focus on the Federal Market Rent (FMR) standard for the area, which is set at $930 per month for fiscal year 2024. This figure represents the benchmark for Section 8 voucher payments.
Given the limited data available—only 279 people live in this ZIP code, with 6.3% being renters—the competition among landlords is likely to be low. However, the affordability gap between the median income and the FMR is significant. A household earning the median income would find it challenging to pay even the FMR without assistance, indicating a strong reliance on voucher programs.
The takeaway for landlords is clear: focusing on accepting Section 8 vouchers could provide a competitive advantage in this market. With such a high dependency on rental assistance due to the income-to-rent ratio, cash-paying tenants might be scarce. Landlords should consider the stability that government-backed payments offer, ensuring consistent income despite the lower rent rates compared to potential market values.
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.