Section 8 Fair Market Rent (FMR) for ZIP 61883 - 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

4,384

Median Household Income

$56,169

Housing Units

2,126

Renter Percentage

23.8%

Occupancy Rate

94.0%

Renter Occupied

476

The town located in ZIP code 61883 offers a stable real estate market that is particularly attractive to small-portfolio investors and landlords looking for consistent returns. The area is characterized by a mix of rental properties and owner-occupied homes, with a significant portion of residents relying on rental housing.

Fair Market Rent (FMR): The FMR for ZIP 61883 for fiscal year 2024 is set at $810, providing a benchmark for rental pricing that landlords should aim to meet or slightly exceed to remain competitive.
Market Rent: According to the latest Census ACS data, the average market rent for the area is $814, indicating that the local rental market closely aligns with the FMR standards.
Median Home Value: The median home value stands at $100,018, making it an affordable location for both homeowners and investors seeking to acquire properties.
Renter Share: With 23.8% of the population being renters, there is a notable demand for rental properties, ensuring a steady stream of potential tenants.
Days on Market (DOM): The data shows that the DOM is not available, which could indicate either a very efficient real estate market or a lack of recent sales data. Landlords should be cautious about interpreting this as a sign of low turnover without further investigation.
Median Income: The median household income in the area is $56,169, suggesting that residents have the financial capacity to afford rents around the FMR and market rent levels.

In summary, ZIP 61883 presents a balanced market with fair rental values and a reasonable share of renters. Given the close alignment between the Fair Market Rent and actual market rents, landlords can expect stable cash flows. The median home value indicates a relatively low barrier to entry for property acquisition, while the median income supports the viability of these rental rates. However, the absence of days on market data suggests the need for thorough due diligence on property turnover rates before investing.

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.