Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,770 |
| 1 Bedroom | $1,880 |
| 2 Bedrooms | $2,120 |
| 3 Bedrooms | $2,730 |
| 4 Bedrooms | $3,110 |
| 5 Bedrooms | $3,608 |
| 6 Bedrooms | $4,041 |
| 7 Bedrooms | $4,364 |
| 8 Bedrooms | $4,582 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,120 | $283,542 | 0.75% | D |
| 3BR | $2,730 | $352,066 | 0.78% | D |
| 4BR | $3,110 | $477,246 | 0.65% | D |
| 5BR | $3,608 | $569,749 | 0.63% | D |
U.S. Census Bureau data (2024)
The ZIP code 60013, located in Cary, IL, has a population of 26,694 residents. Among these, only 12.1% are renters, indicating that this area is primarily dominated by homeowners rather than renters. This homeowner dominance suggests that the availability of Section 8 housing vouchers is likely to be lower compared to areas with a higher percentage of renters.
The median household income in this ZIP code is $120,604, which provides context for evaluating rental affordability. A typical market rent of $1,500 represents approximately 1.24% of the median annual income, making it relatively affordable for most residents. However, this figure is below the Fair Market Rent (FMR) set at $1,870 for FY 2024, suggesting that rents in the area might be slightly below the average benchmark for the region.
In terms of tenant profiles, landlords in ZIP 60013 can expect a mix of tenants who are financially stable and capable of paying market rates, as well as those who might rely on Section 8 vouchers due to lower incomes. Given the relatively high median income and the lower percentage of renters, the demand for Section 8 vouchers will likely be less intense compared to more renter-heavy areas.
To conclude, while there is a presence of renters in ZIP 60013, it is not a renter-heavy area with deep voucher demand. Landlords should prepare for a tenant base that includes both market-rate payers and those seeking assistance through Section 8 vouchers, but the latter group is expected to be smaller due to the overall financial stability of the community.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.