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 | $2,400 |
| 1 Bedroom | $2,550 |
| 2 Bedrooms | $2,880 |
| 3 Bedrooms | $3,700 |
| 4 Bedrooms | $4,230 |
| 5 Bedrooms | $4,907 |
| 6 Bedrooms | $5,496 |
| 7 Bedrooms | $5,936 |
| 8 Bedrooms | $6,233 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 4BR | $4,230 | $1,659,497 | 0.25% | F |
| 5BR | $4,907 | $2,791,672 | 0.18% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP 60043 are defined by the Specific Area Fair Market Rent (SAFMR), which for a two-bedroom apartment is set at $2570 per month for fiscal year 2024. This rate is specific to this ZIP code, reflecting local housing conditions and costs.
A Section 8 voucher operates on the principle that the tenant pays a portion of their income toward rent, currently 30% of their adjusted monthly income. The Housing Authority then pays the difference between the tenant's contribution and the SAFMR, up to the limit of $2570 for a two-bedroom unit in ZIP 60043.
To illustrate, if a tenant's monthly adjusted income is $1500, they would pay $450 towards rent ($1500 x 30%). The Housing Authority would cover the remaining amount, up to the SAFMR of $2570. Therefore, the voucher would reimburse you $2120 ($2570 - $450).
In addition to the base rent, landlords receive utility allowances based on the tenant's needs. These allowances can vary but are designed to ensure that tenants have sufficient funds to cover basic utilities without financial strain. For a two-bedroom apartment, these allowances typically range from $150 to $250 per month, depending on the number of utilities included in the rent.
Given that the local market rent is not available, it's important to understand that the SAFMR of $2570 is the maximum amount that can be reimbursed by the Housing Authority. If the market rent exceeds this figure, landlords will face a shortfall. Conversely, if the market rent is below $2570, landlords could potentially benefit from the higher reimbursement rate.
In ZIP 60043, the typical reimbursement gap for a two-bedroom apartment, assuming a tenant with an adjusted monthly income of $1500 and a utility allowance of $200, would result in a reimbursement of $2320 ($2120 + $200). This leaves a potential gap of $250 ($2570 - $2320) for landlords who charge market rent at the SAFMR level.
Landlords should carefully consider the SAFMR when setting rents for Section 8 tenants, balancing the need to cover costs while also recognizing the limitations imposed by the voucher program. The reimbursement gap or surplus will depend on the actual market rent charged, but using the SAFMR as a guideline provides a clear benchmark for economic planning.
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.