Location: White County, IL | Metro: Wayne County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,250 |
| 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 economics of Section 8 housing in ZIP code 62820 are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2026 is set at $940. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent of a two-bedroom unit in this specific area.
To understand how this impacts landlords, it's essential to break down the components of a voucher payment. A tenant using a Section 8 voucher typically pays 30% of their adjusted income toward rent, plus any applicable utility allowances. The remainder, up to the SAFMR limit, is paid by the government on behalf of the tenant. For instance, if a tenant's portion is $300, the government would cover the difference up to the SAFMR, which is $640 in this case.
The SAFMR is designed to reflect the local rental market conditions. However, the local market rent for a two-bedroom unit in ZIP 62820 is currently N/A, indicating there might be limited data available on recent rental prices in this specific area. Despite this, landlords can rely on the SAFMR as a stable, government-backed payment source.
In ZIP 62820, landlords should expect a reimbursement gap if the market rent exceeds the SAFMR. Conversely, if the market rent is below the SAFMR, landlords may see a surplus. Given the SAFMR of $940 for a two-bedroom unit, landlords must ensure their rental prices do not exceed this amount to fully utilize the voucher system without leaving a financial gap.
The typical reimbursement gap or surplus for a two-bedroom voucher in ZIP 62820 cannot be definitively calculated due to the lack of specific local market rent data. Nonetheless, landlords should aim to align their rental rates closely with the SAFMR to avoid financial shortfalls and maximize the benefits of renting to tenants with vouchers.
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.