Section 8 Fair Market Rent (FMR) for ZIP 60098 - 2027
Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,390 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$91,062
Housing Authorities Serving ZIP 60098
To decide whether you should invest in ZIP 60098 (Woodstock, IL) for Section 8 properties, follow this decision tree:
- Does the Fair Market Rent ($1610) for ZIP 60098 cover the debt service on a property valued at $332,735?
- If yes: The FMR is sufficient to cover the debt service, making it a viable option for Section 8 investment.
- If no: Do not invest unless you can find a property with lower debt service costs.
- Is the market rent ($1,502 - ZORI) above, at, or below the FMR?
- If market rent is below FMR: ZIP 60098 offers a favorable position for Section 8 tenants, as they will pay closer to the FMR, providing better cash flow.
- If market rent equals FMR: There's no premium for Section 8 tenants, but it remains neutral for investment.
- If market rent exceeds FMR: It might be challenging to attract Section 8 tenants, as the rents are higher than what the program covers.
- Are 23.8% renters plus a 20-day days on market (DOM) indicative of enough demand?
- If there is enough demand: The 23.8% rental rate and 20-day DOM suggest a steady demand for rental properties, which is beneficial for Section 8 investments.
- If there isn't enough demand: Consider other factors such as the local economy, job growth, and population trends before deciding.
Decision Outcome:
- Yes: If all conditions are met—FMR covering debt service, market rent being below or equal to FMR, and sufficient demand—ZIP 60098 is a good choice for Section 8 investment.
- No: If any condition is not met, especially if FMR does not cover debt service or if market rent significantly exceeds FMR, then investing in ZIP 60098 is not advisable.
- It depends: If the demand seems marginal or if other factors influence the decision, further analysis is required to make an informed decision.
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.