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 | $2,240 |
| 1 Bedroom | $2,380 |
| 2 Bedrooms | $2,690 |
| 3 Bedrooms | $3,460 |
| 4 Bedrooms | $3,950 |
| 5 Bedrooms | $4,582 |
| 6 Bedrooms | $5,132 |
| 7 Bedrooms | $5,543 |
| 8 Bedrooms | $5,820 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,690 | $294,772 | 0.91% | C |
| 3BR | $3,460 | $368,246 | 0.94% | C |
| 4BR | $3,950 | $504,358 | 0.78% | D |
| 5BR | $4,582 | $576,102 | 0.8% | D |
U.S. Census Bureau data (2024)
The median income in ZIP code 60102, located in Algonquin, Illinois, stands at $132,949. This figure is critical when considering the local rental market, where the market rate for rent (ZORI) is $2,320 per month. To put this into perspective, the average household would be spending approximately 20.7% of their gross monthly income on rent alone, which is calculated by dividing the ZORI by the median monthly income ($132,949 / 12 = $11,079; $2,320 / $11,079 = 0.209).
The Federal Market Rent (FMR) for ZIP 60102 in fiscal year 2024 is set at $2,390, slightly higher than the current market rate. This means that households participating in the Section 8 program could potentially pay up to $2,390 per month for rent, depending on their income level and other factors.
In Algonquin, only 11.7% of the population are renters, indicating a relatively low demand for rental properties compared to owner-occupied homes. The total population of 32,286 suggests that there are around 3,789 renters in the area. However, the affordability gap between the median income and the rent prices indicates that many potential renters might struggle to find suitable housing without financial assistance such as vouchers.
The disparity between the median income and the rent prices creates a competitive landscape for landlords. While some may prefer cash-paying tenants due to the simplicity and reliability of receiving rent, others might consider accepting Section 8 vouchers to tap into a segment of the market that otherwise might not be able to afford local rents.
Takeaway: Landlords in ZIP 60102 should weigh the benefits of accepting Section 8 vouchers against the perceived advantages of cash-paying tenants. Given the high cost of living relative to the median income, vouchers can provide a stable source of income while helping to meet the needs of lower-income households seeking affordable housing options.
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.