Location: Logan County, IL | Metro: Logan County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 62518 are straightforward. The SAFMR (Standard Area Fair Market Rent) for a two-bedroom apartment is set at $940 for the fiscal year 2026. This figure is specific to this ZIP code and reflects the government's assessment of fair market rents for subsidized housing units.
A voucher holder under the Section 8 program will pay 30% of their adjusted income towards rent. For simplicity, let's assume the average voucher holder's adjusted income is $1,500 per month. In this case, the tenant would contribute $450 towards the monthly rent ($1,500 * 0.30).
The government then covers the difference between the tenant's contribution and the SAFMR. In ZIP 62518, for a two-bedroom unit, this would mean the government reimburses $490 per month ($940 - $450). Additionally, there are utility allowances which vary but typically add around $200-$300 to the reimbursement amount. Assuming an average utility allowance of $250, the total reimbursement to the landlord would be approximately $740 per month.
This leaves a significant gap between the reimbursement and the actual market rent, which is currently not available for ZIP 62518. However, based on the SAFMR alone, landlords can expect a reimbursement shortfall. To illustrate, if the market rent for a two-bedroom apartment in ZIP 62518 is higher than the SAFMR, say $1,200, then the landlord would receive only $740 from the voucher program, leaving a gap of $460.
In summary, landlords in ZIP 62518 should anticipate a reimbursement of $740 for a two-bedroom unit when factoring in the tenant's portion and utility allowances. This results in a reimbursement gap of $460 if the market rent is $1,200. If the market rent is lower than the SAFMR, the landlord could potentially see a surplus, but given the data, it's likely that landlords will face a shortfall when renting to Section 8 participants.
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.