Location: Montgomery County, IL | Metro: Bond County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 62017 in fiscal year 2024 is set at $950. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning that if you participate in the program, the Housing Authority will pay up to this amount toward your tenant's rent. However, it's important to note that this is not necessarily the amount you can charge for rent. The actual rent you can charge is subject to being reasonable and comparable to other similar properties in the area.
In comparison, the Census American Community Survey (ACS) reports an average rent of $838 for the same ZIP code. This suggests that the FMR is slightly above the local average, which could be beneficial for landlords participating in the Section 8 program, as they might receive a higher subsidy payment than the typical market rent.
The renter share in ZIP 62017 is 15.6%, indicating that a significant portion of the population relies on rental housing. This percentage points to a steady demand for rental units, particularly those affordable under the Section 8 program. Landlords can leverage this demand by offering well-maintained properties that meet the necessary standards for the program.
When considering the acquisition of a property for a Section 8 rental, the median household income of $115,182 in ZIP 62017 provides insight into the economic conditions of the area. While this figure is higher than the typical income of a Section 8 participant, it underscores the importance of ensuring that your property is priced appropriately for the program. The higher income levels suggest that there might be competition for lower-cost rentals, making it crucial to have a property that stands out for its quality and compliance with HUD regulations.
Before finalizing your decision to enter the Section 8 program, one key verification step is to ensure your property meets all the physical inspection criteria. These inspections check for health and safety issues, including structural integrity, electrical systems, plumbing, heating, and cooling. A property that passes these inspections without major issues will likely be approved for the program, allowing you to benefit from the consistent rental payments guaranteed by the Housing Authority.
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.