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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,300 | $242,361 | 0.54% | F |
U.S. Census Bureau data (2024)
ZIP code 61880, located within the Champaign-Urbana, IL HUD Metro FMR Area, presents a unique profile compared to typical ZIP codes in this region. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $930, slightly above the market rent of $906, indicating that it is aligned with the local rental economy but has a marginally higher benchmark for federally assisted housing.
The median home value in ZIP 61880 stands at $243,296, which is representative of the broader market conditions in the area. This figure suggests that property values here are consistent with what is typically found within the Champaign-Urbana, IL HUD Metro FMR Area, neither significantly lower nor higher.
A notable characteristic of ZIP 61880 is its 26.4% renter share, which is higher than the average for the metro. This elevated percentage of renters can be indicative of a diverse housing market, potentially attracting both tenants and investors interested in the rental sector. The combination of a higher-than-average renter share and home values that are on par with the metro suggests that this ZIP code could be a value pocket for landlords and small-portfolio investors looking to capitalize on the rental market without overpaying for properties.
To further contextualize, let's consider the implications of these figures. A value pocket typically refers to an area where the cost of acquiring rental properties is relatively low compared to the potential income from rents. In ZIP 61880, while the home values are not particularly low, the higher renter share combined with the slightly elevated FMR could still make it a favorable location for investment, especially for those who are willing to manage properties effectively and understand the local market dynamics.
It is important to note that the divergence between the FMR and market rent, with FMR being higher, might indicate that federally assisted tenants could afford slightly higher rents than the general market. This could be beneficial for landlords participating in Section 8 programs, as it provides a buffer against market fluctuations.
In summary, ZIP 61880 appears to be a value pocket within the Champaign-Urbana, IL HUD Metro FMR Area, offering a balance between home values and a high renter share that could be advantageous for real estate investments focused on the rental market.
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.