Section 8 Fair Market Rent (FMR) for ZIP 61865 - 2027

Location: Vermilion County, IL | Metro: Vermilion County, IL

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,167

Median Household Income

$66,786

Housing Units

521

Renter Percentage

19.0%

Occupancy Rate

91.0%

Renter Occupied

The town of Middlebury, located in Vermont's Addison County, is characterized by its charming rural setting and strong community ties. As a landlord or small-portfolio investor, understanding the local rental market dynamics is crucial for making informed decisions. Here’s a concise market analysis for ZIP code 61865, based on specific data points.

The Fair Market Rent (FMR) for a two-bedroom apartment in Middlebury for fiscal year 2024 is set at $830.
The average market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $773 per month.
The median home value in the area is $136,625, indicating a relatively affordable housing market.
Renters make up 19.0% of the housing market, suggesting that while there is demand for rentals, it is not overwhelming compared to homeownership.
The median income in the region is $66,786, which can influence both rental demand and the ability of residents to afford higher rents.
Due to limited recent sales data, the days on market (DOM) figure is currently N/A, but this does not necessarily indicate a slow-moving market given the seasonal nature of real estate transactions in Vermont.

In summary, Middlebury presents a stable rental market with a slight premium over the actual market rent. The relatively low median home value and median income suggest that affordability is a key factor for residents. With a moderate renter share, the market leans slightly towards homeownership, yet there remains a consistent demand for rentals. Landlords and small-portfolio investors should focus on properties that offer good value and quality to attract tenants, especially given the town's character and the importance of community living.

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.