How many renters live in Farmer City, Illinois?
The City of Farmer City has 1,861 people living in 762 households.
There are 322 renters living in 126 renter households in this City. Renters make up 17.3 percent of the population living in Farmer City.
What is the rental market like in Farmer City, Illinois?
There are an estimated 849 housing units in the Farmer City area. Of these, 138 units are rental homes, making up 16 percent of the housing market. For every renter household in Farmer City, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Farmer City?
The rental vacancy rate in Farmer City is 9 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Farmer City for each bedroom size?
Occupied Rental Units by Size in Farmer City
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 34 | 30 | 62 | 0 |
Occupied Rental Units by Size in Farmer City
A large number of apartments in Farmer City have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Farmer City are overburdened by housing costs?
Among renter households in this market, 41 percent have housing cost burden. Further, 37 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Farmer City
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $566 to $1,400. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $566 |
| One BR | $628 |
| Two BR | $825 |
| Three BR | $1,107 |
| Four BR | $1,400 |
2024 Fair Market Rents in Farmer City, Illinois
How many units are rented at Fair Market Rent (FMR) in Farmer City?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| One BR | 34 | 100 percent |
| Two BR | 13 | 43 percent |
Rental Units Below FMR in Farmer City, Illinois
How many affordable rental units are in Farmer City?
Income Based Apartments in Farmer City, Illinois
Farmer City features 16 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Farmer City, Illinois
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Farmer City.
Housing Choice Vouchers in Farmer City, Illinois
On average, Section 8 Housing Choice vouchers pay Farmer City landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Farmer City.
The maximum amount a voucher would pay on behalf of a low-income tenant in Farmer City, Illinois for a two-bedroom apartment is between $743 and $908.
Sourced from federal housing data and AffordableHousingOnline.com research.
