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 | $1,850 |
| 1 Bedroom | $1,970 |
| 2 Bedrooms | $2,220 |
| 3 Bedrooms | $2,850 |
| 4 Bedrooms | $3,260 |
| 5 Bedrooms | $3,782 |
| 6 Bedrooms | $4,236 |
| 7 Bedrooms | $4,575 |
| 8 Bedrooms | $4,804 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,220 | $324,734 | 0.68% | D |
| 3BR | $2,850 | $452,978 | 0.63% | D |
| 4BR | $3,260 | $541,578 | 0.6% | D |
| 5BR | $3,782 | $768,130 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 60076, located in Skokie, Illinois, stands out within Cook County due to its unique demographic and economic characteristics. With a population of 32,953 residents, Skokie has a relatively low rental rate at 18.6%, indicating that most of its residents own their homes. The median household income in the area is $113,818, reflecting a higher-than-average financial stability among its inhabitants. Additionally, the median home value in Skokie is $443,326, which suggests a strong real estate market and a preference for homeownership over renting.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 60076 in fiscal year 2024 is set at $1,860. This figure is slightly below the market rent, as indicated by the ZORI (Zillow Rent Index), which stands at $1,908. For landlords and small-portfolio investors, this means that while there may be a slight difference between the voucher amount and the market rent, it's minimal and unlikely to significantly impact your bottom line. The FMR is designed to cover the majority of housing costs, so even with a lower FMR, the overall cost burden on tenants should remain manageable.
The data signature for ZIP 60076 reads as stable. The high median income and home values indicate a strong local economy and a robust housing market. Although the rental rate is low, the presence of Section 8 vouchers can still provide a steady stream of reliable tenants. Given the close alignment between the FMR and the market rent, landlords can expect consistent occupancy and predictable cash flows. In conclusion, Skokie presents a favorable environment for those interested in leveraging Section 8 vouchers, offering a blend of financial security and a stable tenant base.
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.