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 | $2,520 |
| 1 Bedroom | $2,670 |
| 2 Bedrooms | $3,020 |
| 3 Bedrooms | $3,880 |
| 4 Bedrooms | $4,440 |
| 5 Bedrooms | $5,150 |
| 6 Bedrooms | $5,768 |
| 7 Bedrooms | $6,229 |
| 8 Bedrooms | $6,540 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,020 | $361,951 | 0.83% | C |
| 3BR | $3,880 | $575,108 | 0.67% | D |
| 4BR | $4,440 | $865,789 | 0.51% | F |
| 5BR | $5,150 | $1,208,753 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 60015, located in Deerfield, IL, presents an interesting scenario for both renters and landlords. The median income in this area stands at $183,125, which is notably high. However, when compared to the market rate rental price of $2,689 (ZORI), it becomes evident that the cost of renting is substantial. This figure is slightly above the Fair Market Rent (FMR) set at $2,570 for zip code 60015 in fiscal year 2024, indicating that landlords who accept vouchers will be receiving close to the market rate.
The affordability gap is significant given the relatively low percentage of renters in Deerfield, which is only 15.3%. This means that the majority of the 28,096 residents prefer homeownership over renting, leading to a competitive environment for landlords seeking tenants. The high median income suggests that there are households capable of paying the market rate, but it also implies that those who rely on vouchers might find it challenging to secure housing in this ZIP code due to the limited number of units available and the preference for higher-paying tenants.
For landlords considering their strategy regarding voucher acceptance versus cash payments, the data points to a nuanced decision. Accepting vouchers can provide a steady stream of income, albeit slightly below market rates. On the other hand, focusing on cash-paying tenants could yield higher rents but might come with increased vacancy risks given the limited number of renters in the area.
The takeaway: Landlords in ZIP 60015 should weigh the benefits of accepting vouchers against the potential for higher rents from cash-paying tenants. Given the high median income and the slight difference between ZORI and FMR, landlords who can attract cash-paying tenants may have a more lucrative opportunity, but they must be prepared for a more competitive rental market.
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.