Location: Edgar County, IL | Metro: Coles County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 61943 are defined by the SAFMR (Small Area Fair Market Rent) rates established by HUD (Housing and Urban Development). For a two-bedroom apartment in this ZIP code, the SAFMR for fiscal year 2026 is set at $920 per month. This figure represents the maximum amount that a Section 8 voucher will cover, assuming the rental unit meets all program requirements.
In contrast, the local market rent for a similar two-bedroom unit in ZIP 61943, based on Census ACS data, is approximately $537 per month. This lower market rate can be advantageous for landlords who are considering participating in the Section 8 program, but it also means they need to understand how the reimbursement works.
A Section 8 voucher does not cover the entire rent amount. Instead, it pays the difference between the market rent and 30% of the tenant's income, plus any applicable utility allowances. If we assume the tenant's portion is 30% of their income and the utility allowance is included in the SAFMR, here’s a breakdown:
To illustrate, let’s say a tenant’s portion is $150 based on their income. The voucher would then pay the remaining $387 to reach the local market rent of $537. In this case, the landlord receives the full market rent, and the reimbursement gap is non-existent because the market rent is below the SAFMR.
However, if the landlord charges the full SAFMR of $920, the voucher would cover the remaining $770 after the tenant pays their $150 portion. This would result in the landlord receiving the full SAFMR rate, which is higher than the local market rent.
In ZIP 61943, the typical scenario is a surplus for landlords, given that the local market rent is significantly lower than the SAFMR. Landlords who participate in Section 8 can expect to receive a higher monthly rent compared to the average local market rate, closing the reimbursement gap and potentially earning more than they would in the open market.
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.