Location: Bond County, IL | Metro: Bond County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 62273 are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP is $1160 per month for fiscal year 2024. This is lower than the local market rent, which stands at $1,326 according to the Census ACS.
A landlord participating in the Section 8 program receives a subsidy from the government to cover part of the rent. The voucher system operates on a formula where the tenant pays 30% of their adjusted income towards rent, and the government covers the rest up to the SAFMR limit. For a two-bedroom apartment in ZIP 62273, the landlord will receive a reimbursement based on this formula.
To illustrate, if a tenant's adjusted monthly income is $1,000, they would pay $300 toward the rent ($1,000 x 0.30). The government would then pay the difference between the tenant's contribution and the SAFMR, which in this case would be $860 ($1,160 - $300).
Utility allowances can vary but are generally capped. If the utility allowance for this ZIP is $200, it would be included in the total amount paid by the government, bringing the total reimbursement to $1,060 ($860 + $200).
This means the landlord would receive $1,060 from the government and $300 from the tenant, totaling $1,360. However, since the SAFMR for ZIP 62273 is $1,160, the maximum reimbursement a landlord can receive is $1,160, even if the tenant's contribution plus the utility allowance exceeds this amount.
Given the local market rent of $1,326, landlords might face a slight shortfall of $166 per month ($1,326 - $1,160) when renting to tenants with vouchers. This is the typical reimbursement gap for a two-bedroom unit in ZIP 62273 under the Section 8 program.
Landlords must ensure that their rental units meet the housing quality standards set by HUD to be eligible for the program. The SAFMR rate is non-negotiable; it applies strictly to this ZIP code and does not change regardless of individual property conditions or market fluctuations.
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.