Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,240 |
| 1 Bedroom | $2,370 |
| 2 Bedrooms | $2,680 |
| 3 Bedrooms | $3,450 |
| 4 Bedrooms | $3,940 |
| 5 Bedrooms | $4,570 |
| 6 Bedrooms | $5,118 |
| 7 Bedrooms | $5,527 |
| 8 Bedrooms | $5,803 |
U.S. Census Bureau data (2024)
The Section 8 program in ZIP code 60026, located in Glenview, IL, presents a unique opportunity for landlords and small-portfolio investors due to the disparity between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 60026 in fiscal year 2024 is set at $2430, while the Census American Community Survey (ACS) reports the average market rent at $2080. This creates a gap of $350, or approximately 16.8%, between what voucher holders can pay and the prevailing market rate.
Given that the FMR exceeds the market rent, Glenview landlords can benefit from accepting Section 8 tenants. These tenants provide a stable, government-backed income stream that can help maximize rental yields. In a market where 31.7% of residents are renters and the median home value stands at $794,386, the presence of Section 8 vouchers can be particularly advantageous. The median income in Glenview is $137,778, which indicates a generally affluent area; however, it also suggests that there might be a segment of the population that relies on housing assistance to afford living in such a desirable location.
The stability offered by Section 8 tenants can be especially attractive in an environment where the cost of maintaining properties and managing tenants can be high. Despite the gap, landlords still receive a competitive rental rate that can be higher than what they would get from traditional market-rate tenants. This makes the acceptance of housing vouchers a strategic decision that can enhance overall portfolio performance and mitigate risks associated with vacancy or delinquent payments.
Data Sources: FMR data from HUD (2027). 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.