Location: DeKalb County, 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 | $1,630 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,630 |
| 4 Bedrooms | $3,000 |
| 5 Bedrooms | $3,480 |
| 6 Bedrooms | $3,898 |
| 7 Bedrooms | $4,210 |
| 8 Bedrooms | $4,421 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,020 | $301,632 | 0.67% | D |
| 3BR | $2,630 | $361,335 | 0.73% | D |
| 4BR | $3,000 | $466,810 | 0.64% | D |
| 5BR | $3,480 | $513,576 | 0.68% | D |
U.S. Census Bureau data (2024)
The ZIP code 60140 in Hampshire, IL, hosts a population of 22,689 residents, with 10.9% identified as renters. This indicates that the majority of the area is homeowner-dominated rather than renter-heavy, suggesting that the demand for housing vouchers, such as those provided through the Section 8 program, is likely to be lower compared to areas with higher percentages of renters.
The median household income in this ZIP is notably high at $111,241, which contrasts sharply with the market rent of $2,638. For context, this means that the average rent consumes approximately 27.7% of the median household income when considering a standard 12-month period. This percentage is calculated by taking the annual rent ($2,638 multiplied by 12) and dividing it by the median household income, then multiplying by 100 to get the percentage.
Comparing the market rent to the Fair Market Rent (FMR) of $2,180 for FY 2024, we see that the actual market rent exceeds the FMR by about $458 per month. This discrepancy implies that landlords in ZIP 60140 may face challenges in renting properties to tenants who rely solely on Section 8 vouchers, as the voucher amount is insufficient to cover the prevailing market rent rates.
In this ZIP code, landlords can anticipate a tenant profile characterized by individuals or families with relatively stable financial situations, capable of contributing a significant portion of their income towards rent. However, given the low proportion of renters and the high market rents compared to the FMR, landlords should prepare for a limited pool of potential Section 8 tenants. These tenants will likely need to supplement their voucher with additional personal funds to meet the rental costs, reflecting the broader economic conditions of the area.
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.