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 | $279,825 | 1.08% | B |
| 3BR | $3,880 | $360,941 | 1.07% | B |
| 4BR | $4,440 | $459,642 | 0.97% | C |
| 5BR | $5,150 | $576,181 | 0.89% | C |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 60021, Fox River Grove, IL, involve understanding the SAFMR (Small Area Fair Market Rent) and how it interacts with the local rental market. For a two-bedroom apartment in FY 2024, the SAFMR is set at $1860. This figure is specifically tailored for this ZIP code, reflecting the unique housing conditions and costs of the area.
In contrast, the local market rent for a two-bedroom unit is $2,186, according to the Census ACS (American Community Survey). This indicates that landlords can expect to charge slightly above the SAFMR if they are renting to tenants who do not use vouchers.
When a tenant uses a Section 8 voucher, the payment structure changes. The voucher covers the difference between the tenant's portion and the total rent. The tenant is required to pay 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,800 per month, the tenant would contribute around $540 toward the rent. The remaining amount is covered by the voucher up to the SAFMR limit of $1860.
Utility allowances also factor into the equation. Typically, these allowances are separate from the rent and cover a portion of the tenant’s utility expenses. For a two-bedroom apartment, the utility allowance might be around $300 to $400 per month, depending on the specific circumstances and the Housing Authority's policy.
To illustrate, let’s say a landlord charges $2,186 for a two-bedroom unit. The tenant would pay $540, and the voucher would cover the rest up to $1860. Therefore, the voucher would pay $1320 ($1860 - $540). This leaves a gap of $866 ($2,186 - $1320), which the landlord must absorb or adjust the rent to close the gap.
If the landlord sets the rent at the SAFMR level of $1860, the tenant would still pay $540, and the voucher would cover the remaining $1320. In this scenario, there would be no gap, but the landlord would also not receive any surplus beyond the SAFMR rate.
The typical reimbursement gap for a two-bedroom apartment in ZIP 60021, given the local market rent of $2,186 and the SAFMR of $1860, is $326. Landlords should consider this gap when deciding whether to accept Section 8 tenants. They can either lower the rent to match the SAFMR, thereby avoiding any shortfall, or maintain higher rents knowing they will not be fully reimbursed by the voucher program.
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.