Location: Vermilion County, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,280 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
U.S. Census Bureau data (2024)
The market in ZIP code 61859 presents a dynamic scenario where the balance between supply and demand is skewed towards higher demand. This inference is drawn from the comparison between the Fair Market Rent (FMR) set at $1,130 for fiscal year 2024 and the observed market rent of $1,500, as per the latest Census American Community Survey data. The significant gap between these two figures suggests that landlords can charge above the FMR, indicating strong tenant interest and competition for rental units.
The median home value of $214,891 provides further insight into the local housing market. While this figure alone doesn't reveal whether supply outpaces demand, it can be considered in conjunction with the other metrics. The fact that the market rent exceeds the FMR implies that there might be fewer affordable housing options available, pushing some potential buyers into the rental market.
A key metric in understanding the long-term housing pressure is the 7.2% renter share. This relatively low percentage indicates that the majority of residents in ZIP 61859 prefer homeownership over renting. However, the presence of a notable renter population, despite the high cost of living, signals a persistent demand for rental properties. This could be due to various factors such as affordability, mobility, or lifestyle preferences. Given the higher market rents compared to the FMR, it's reasonable to conclude that this demand is robust and likely to continue exerting upward pressure on rental prices.
The lack of specific data on price-cut share and days on market (DOM) for rental listings makes it difficult to pinpoint short-term fluctuations. Nonetheless, the overall trend indicated by the current FMR and market rent figures suggests a market where demand is currently outpacing supply. Landlords and small-portfolio investors should take note of these dynamics and consider the implications for their investment strategies.
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.