Location: Champaign-Urbana, IL | Metro: Champaign-Urbana, IL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $96,371 | 1.07% | B |
| 3BR | $1,300 | $144,786 | 0.9% | C |
| 4BR | $1,350 | $186,460 | 0.72% | D |
U.S. Census Bureau data (2024)
The dynamics of ZIP 61866, located in Rantoul, IL, reveal a market in motion. The Fair Market Rent (FMR) for the area stands at $940 for the fiscal year 2024, while the market rent, measured by Zillow's Observed Rental Index (ZORI), is $841. This indicates that rental properties are slightly below the government's benchmark for fair market value, suggesting a competitive rental environment.
The median home value in Rantoul is $139,302, which is relatively low compared to national averages. This figure points to an affordable housing market, potentially attracting first-time buyers and investors looking for entry-level properties. However, the lack of data on price-cut share and days on market (DOM) means we cannot conclusively determine whether supply outpaces demand or vice versa. Instead, we must consider other factors such as the rental market and the percentage of renters in the community.
A strong indicator of the market's trajectory is the 42.9% renter share. This high proportion of renters suggests ongoing long-term housing pressure, as many residents opt for renting over purchasing due to affordability or lifestyle preferences. In such a market, rental properties can be seen as a stable investment, given the consistent demand for rentals.
The gap between FMR and market rent also implies that landlords and small-portfolio investors could find opportunities to increase rents, albeit cautiously, towards the FMR level without risking vacancy. However, they should remain attentive to local economic conditions and the overall housing landscape to ensure their investments align with market realities.
In summary, ZIP 61866 presents a market where rental properties are key to understanding housing dynamics. The high renter share and relatively low median home values suggest a steady demand for rentals, making it a potentially attractive area for those interested in the rental market segment. Landlords should leverage these insights to maintain competitive pricing and manage their portfolios effectively.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.