Location: Ogle County, IL | Metro: DeKalb County, 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 | $1,090 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,090 | $264,442 | 0.79% | D |
| 4BR | $2,390 | $317,911 | 0.75% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60146 in fiscal year 2024 is set at $1260. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning that the government will pay up to $1260 per month towards rent for eligible tenants. It's important to note that this is not the amount you can charge for rent; it's the maximum reimbursement you'll receive from the Housing Choice Voucher program.
To put this into perspective, the average rent in ZIP 60146 is $1,044 according to the latest Census American Community Survey (ACS) data. This suggests that the FMR is slightly above the local average, which could be beneficial if you're looking to cover higher maintenance costs or property taxes.
With 28.4% of residents being renters, there is a substantial demand for rental properties in your area. This percentage indicates that nearly one-third of the population is looking for places to rent, creating a robust market for landlords. However, to ensure your property is attractive to potential tenants, it must meet certain quality standards and be reasonably priced within the local market.
If you're considering purchasing a property in ZIP 60146 for your first Section 8 rental, the median home value is approximately $277,431. This figure should help you understand the typical price range for acquiring a property in this area. Keep in mind that the actual cost of your investment will depend on the specific property's condition and location.
Before proceeding with a Section 8 rental, it's crucial to verify that your property complies with the Housing Quality Standards (HQS). These standards ensure that the living conditions are safe and decent for tenants. Failure to meet these requirements can result in non-payment or termination of the contract, so confirming HQS compliance is a key step in preparing your property for Section 8 tenancy.
In summary, the FMR of $1260 provides a benchmark for government reimbursement, while the local average rent of $1,044 gives insight into the competitive landscape. With a significant portion of the population renting, there is ample opportunity to secure tenants. Just make sure your property meets the necessary standards to avoid complications down the line.
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.