The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Mineral, IL 61344's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 61344 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $540 to a high of $660, with an average of $600.
One-bedroom: One-bedroom rental prices vary, with a minimum of $648, a maximum of $792, and an average of $720.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $801, peaking at a maximum of $979, and averaging at $890.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,044, a maximum of $1,276, and an average of $1,160.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,206 to a maximum of $1,474, with an average of $1,340.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Mineral, IL 61344 Low Rent (90%) $540 $648 $801 $1,044 $1,206
Average Rent $600 $720 $890 $1,160 $1,340
High Rent(110%) $660 $792 $979 $1,276 $1,474
2023 Mineral, IL 61344 Low Rent (90%) $495 $603 $747 $981 $1,116
Average Rent $550 $670 $830 $1,090 $1,240
High Rent (110%) $605 $737 $913 $1,199 $1,364
2022 Mineral, IL 61344 Low Rent (90%) $441 $540 $666 $882 $999
Average Rent $490 $600 $740 $980 $1,110
High Rent(110%) $539 $660 $814 $1,078 $1,221
2021 Mineral, IL 61344 Low Rent (90%) $432 $513 $648 $864 $972
Average Rent $480 $570 $720 $960 $1,080
High Rent (110%) $528 $627 $792 $1,056 $1,188
2020 Mineral, IL 61344 Low Rent (90%) $459 $531 $675 $882 $999
Average Rent $510 $590 $750 $980 $1,110
High Rent(110%) $561 $649 $825 $1,078 $1,221
2019 Mineral, IL 61344 Low Rent (90%) $450 $531 $675 $882 $999
Average Rent $500 $590 $750 $980 $1,110
High Rent (110%) $550 $649 $825 $1,078 $1,221


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