Location: Montgomery County, IL | Metro: Montgomery County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 62533 are defined by the SAFMR (Small Area Fair Market Rent) set specifically for this region. For a two-bedroom apartment, the SAFMR for FY 2026 is $950. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards a landlord's rent. However, it's important to understand how this payment is structured.
The local market rent, according to the Census ACS, is $764 for a two-bedroom unit. This means that the SAFMR is above the average local market rent, which can be beneficial for landlords. When a tenant uses a Section 8 voucher, they must contribute 30% of their adjusted income towards the rent. This amount is then combined with the voucher payment to cover the total rent. In addition to the rent, there are utility allowances which can vary but typically add a small amount to the overall payment.
To illustrate, if a tenant's contribution is $200 (for example), the total payment to the landlord would be the sum of the tenant's contribution plus the voucher payment. In this case, the voucher would pay up to $950, but since the tenant contributes $200, the voucher would cover the remaining $750. This structure ensures that landlords receive the full SAFMR of $950, even if the market rent is lower at $764.
The typical reimbursement gap or surplus in this scenario is a surplus. Landlords can expect the voucher to cover the full SAFMR, which is higher than the local market rent. Therefore, the surplus for a two-bedroom apartment would be $950 - $764 = $186. This means landlords receive an additional $186 per month beyond the typical local market rent for a two-bedroom unit.
It's crucial to note that while the SAFMR is $950, the actual payment might be less depending on the tenant's contribution and any utility allowances. Nonetheless, the overall trend indicates that landlords in ZIP 62533 can benefit from participating in the Section 8 program due to the higher SAFMR compared to the local market rent.
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.