Section 8 Fair Market Rent (FMR) for ZIP 61862 - 2027
Location: Vermilion County, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| 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 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$114,250
When considering whether to purchase properties in ZIP code 61862 for Section 8 investment, follow these steps:
- Does FMR ($930) clear debt service on a property?
- If yes: The Fair Market Rent (FMR) of $930 for ZIP 61862 in fiscal year 2024 is sufficient to cover the debt service on any property you might acquire. This means that the rental income from a Section 8 tenant would meet your financial obligations.
- If no: The FMR of $930 is not enough to clear the debt service on a property in ZIP 61862. You will need to either find properties with lower costs or reconsider this area for Section 8 investment.
- Is market rent ($825) above, at, or below FMR?
- If market rent is below FMR: The market rent of $825 is less than the FMR of $930. This suggests that Section 8 rents can be higher than what the market offers, potentially attracting more tenants interested in affordable housing options.
- If market rent is equal to or above FMR: With market rent at $825, it is below the FMR. Landlords can charge up to $930 for Section 8 units without pricing themselves out of the market.
- Are 15.6% renters + N/A-day DOM enough demand?
- If yes: The 15.6% of renters in ZIP 61862 combined with an unspecified number of days on the market (DOM) indicates there is a sufficient level of demand for rental properties. This makes ZIP 61862 a viable option for Section 8 investment.
- If no: The 15.6% of renters in ZIP 61862, along with the unspecified DOM, does not provide enough demand to justify the investment. You should look into other areas where the percentage of renters and the DOM suggest stronger demand.
- If it depends: The 15.6% of renters may not alone indicate strong demand; it also depends on the DOM figure. If the DOM is high, it could mean that rentals are harder to let, despite the percentage of renters. Conversely, if the DOM is low, it signals strong demand even with the given percentage of renters.
The decision to invest in ZIP 61862 for Section 8 properties hinges on these factors. Ensure that the FMR can cover your debt service, compare market rent against the FMR, and assess the overall demand based on the percentage of renters and the DOM.
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.