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 | $1,610 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $2,830 |
| 5 Bedrooms | $3,283 |
| 6 Bedrooms | $3,677 |
| 7 Bedrooms | $3,971 |
| 8 Bedrooms | $4,170 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,710 | $159,296 | 1.07% | B |
| 2BR | $1,930 | $217,218 | 0.89% | C |
| 3BR | $2,480 | $444,730 | 0.56% | F |
| 4BR | $2,830 | $651,640 | 0.43% | F |
| 5BR | $3,283 | $845,107 | 0.39% | F |
U.S. Census Bureau data (2024)
The ZIP code 60070, located in Prospect Heights, IL, presents a nuanced rental market scenario for both tenants and landlords. The median income here stands at $84,775, which contrasts sharply with the market rate rent of $1,494 per month (ZORI). This comparison highlights a significant affordability gap for the average household.
To further contextualize this gap, consider the Federal Market Rent (FMR) standard for vouchers, which is set at $1630 for the fiscal year 2024. This figure exceeds the market rate rent, indicating that voucher holders might find it easier to secure housing in this area compared to those relying solely on their income.
In ZIP 60070, where 33.5% of the 15,496 residents are renters, the affordability gap means intense competition among landlords. Cash-paying tenants are likely to be fewer due to the high cost of living relative to income, making voucher tenants an attractive option for property owners.
Landlords should take note that while voucher tenants offer a more stable and potentially higher monthly rental income, they also come with additional administrative burdens. On the other hand, cash-paying tenants might be willing to pay above the market rate but are less common given the economic realities of the area.
The takeaway for landlords considering their strategy in ZIP 60070 is clear: accepting vouchers can provide a steady stream of income and reduce vacancy rates. However, it is crucial to weigh the benefits against the time and resources required to manage voucher programs effectively. For those who can handle the extra paperwork, vouchers present a viable path to success in this competitive rental market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.