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 | $1,910 |
| 1 Bedroom | $2,030 |
| 2 Bedrooms | $2,290 |
| 3 Bedrooms | $2,940 |
| 4 Bedrooms | $3,360 |
| 5 Bedrooms | $3,898 |
| 6 Bedrooms | $4,366 |
| 7 Bedrooms | $4,715 |
| 8 Bedrooms | $4,951 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,030 | $175,815 | 1.15% | B |
| 2BR | $2,290 | $263,505 | 0.87% | C |
| 3BR | $2,940 | $338,911 | 0.87% | C |
| 4BR | $3,360 | $492,093 | 0.68% | D |
| 5BR | $3,898 | $523,368 | 0.74% | D |
U.S. Census Bureau data (2024)
ZIP code 60090, located in Wheeling, IL, is situated within the larger Chicago-Joliet-Naperville, IL HUD Metro FMR Area. The Fair Market Rent (FMR) for Wheeling in fiscal year 2024 is set at $1870, while the actual market rent stands at $1,980. This indicates that the FMR is slightly below the market rate, suggesting a potential area where landlords can offer units at or near the FMR without significantly undercutting market rates.
The median home value in Wheeling is $305,424, which is lower than many areas within the Chicago metro. However, it still represents a substantial investment, indicating that Wheeling is not necessarily a low-value pocket but rather a mid-tier neighborhood within the metro. The 37.5% renter share is noteworthy, as it is higher than the average for the broader Chicago-Joliet-Naperville area, which typically has a lower percentage of renters relative to homeowners.
The combination of a higher-than-average renter share and a below-metro median home value suggests that Wheeling could be an attractive location for Section 8 tenants. Landlords in Wheeling should consider that their properties might be more appealing to those seeking rental assistance due to the balance between affordable housing and access to the amenities and opportunities of the Chicago metro area.
To further contextualize Wheeling's position, let's compare these figures with other typical ZIP codes within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. A common FMR range across the metro is between $1,500 and $2,200, with market rents generally hovering around $1,700 to $2,300. Home values tend to vary widely, from around $200,000 to over $400,000, depending on the specific ZIP code and its proximity to urban centers. The renter share also fluctuates, but Wheeling's 37.5% is notably higher compared to many suburban ZIP codes where it might be closer to 25-30%.
Based on the specific figures provided, Wheeling appears to be a mid-tier neighborhood within its metro. It offers a mix of affordability and accessibility that makes it a reasonable choice for both landlords and Section 8 tenants. The slightly lower home values coupled with a higher renter share indicate a potential sweet spot for Section 8 programs, making it a valuable consideration for investors looking to participate in such programs.
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.