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 | $2,130 |
| 1 Bedroom | $2,260 |
| 2 Bedrooms | $2,550 |
| 3 Bedrooms | $3,280 |
| 4 Bedrooms | $3,750 |
| 5 Bedrooms | $4,350 |
| 6 Bedrooms | $4,872 |
| 7 Bedrooms | $5,262 |
| 8 Bedrooms | $5,525 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,260 | $199,459 | 1.13% | B |
| 2BR | $2,550 | $275,892 | 0.92% | C |
| 3BR | $3,280 | $337,780 | 0.97% | C |
| 4BR | $3,750 | $425,953 | 0.88% | C |
| 5BR | $4,350 | $447,632 | 0.97% | C |
U.S. Census Bureau data (2024)
The ZIP code 60107, located in Streamwood, IL, presents an interesting scenario for both renters and landlords. The median household income in this area is $101,100, which is relatively high compared to the national average. However, when it comes to housing affordability, the picture becomes more nuanced.
The market rate for rent in ZIP 60107 is currently at $2,254 per month, known as the ZORI (Zillow Observed Rent Index). This figure represents the average rent paid by tenants in the area. Given the median income, it would be challenging for the average household to allocate over 20% of their monthly income towards rent alone, especially considering other living expenses.
Comparatively, the Fair Market Rent (FMR) for ZIP 60107 in fiscal year 2024 is set at $2,430. This is the amount that Housing Choice Voucher programs aim to cover for eligible households. While the FMR slightly exceeds the market rate, it still reflects a tight budget for those relying on vouchers.
With only 11.0% of the population renting and a total population of 38,886, the rental market in ZIP 60107 is quite competitive. Landlords must consider the limited pool of potential tenants and the affordability gap between the median income and the rent rates. The challenge lies in attracting tenants who can either pay the market rate or utilize vouchers effectively.
The takeaway for landlords is clear: understanding the local economic landscape is crucial. Offering units that fall within the range of $2,254 to $2,430 can help capture both cash-paying tenants and those using vouchers. However, landlords should also be prepared to compete with others for the same limited tenant base, particularly focusing on the quality and cost-effectiveness of their properties.
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.