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 | $1,750 |
| 1 Bedroom | $1,860 |
| 2 Bedrooms | $2,100 |
| 3 Bedrooms | $2,700 |
| 4 Bedrooms | $3,080 |
| 5 Bedrooms | $3,573 |
| 6 Bedrooms | $4,002 |
| 7 Bedrooms | $4,322 |
| 8 Bedrooms | $4,538 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,100 | $245,732 | 0.85% | C |
| 3BR | $2,700 | $332,876 | 0.81% | C |
| 4BR | $3,080 | $390,398 | 0.79% | D |
| 5BR | $3,573 | $422,580 | 0.85% | C |
U.S. Census Bureau data (2024)
The ZIP code 60133, located in Hanover Park, IL, has a population of 36,732 residents, with 22.5% being renters. This indicates that while there is a significant portion of the population renting, it is not a renter-heavy area compared to others where rental rates might be higher. The median household income in this ZIP is $91,763, which provides a benchmark for understanding the financial capabilities of potential tenants.
The typical market rent in ZIP 60133 stands at $2,333 per month. To contextualize this figure, we can calculate that the average rent consumes approximately 28.7% of the median household income. This percentage suggests that the cost of living in this area is relatively high, especially when considering the rent burden on households.
Comparatively, the Fair Market Rent (FMR) for ZIP 60133 is set at $1,880 per month for FY 2024. This means that the actual market rent exceeds the FMR by about $453, indicating a gap between what the government considers fair and what the market demands. Landlords should be aware that this discrepancy could impact the number of Section 8 vouchers available in the area, as they are typically tied to FMR levels.
Given these figures, landlords in ZIP 60133 should anticipate a tenant pool that includes individuals who may struggle with the high rent costs relative to their income. While there is demand for rentals, the prevalence of Section 8 vouchers is likely to be lower due to the higher market rents. Tenants are expected to have a moderate to good credit history and be willing to pay above the FMR, reflecting the economic conditions of the area.
To conclude, ZIP 60133 is a mixed market with both homeowners and renters, but the demand for rental properties is substantial. However, the availability of Section 8 vouchers is limited, making it a less favorable area for landlords looking to exclusively attract tenants with such assistance. Instead, landlords should prepare for a tenant base that is financially capable of paying market rents, albeit at a level that represents a significant portion of their income.
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.