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 | $1,430 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,710 | $222,896 | 0.77% | D |
| 3BR | $2,200 | $262,956 | 0.84% | C |
| 4BR | $2,510 | $296,636 | 0.85% | C |
| 5BR | $2,912 | $335,968 | 0.87% | C |
U.S. Census Bureau data (2024)
ZIP code 60153, located in Maywood, IL, is situated within the broader Chicago-Joliet-Naperville, IL HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 60153 in fiscal year 2024 is set at $1,440. This figure represents the maximum amount that a household participating in the Section 8 Housing Choice Voucher program can pay towards rent.
In comparison to typical ZIP codes within the Chicago-Joliet-Naperville metro area, Maywood's market rent of $1,222 is notably lower than its FMR. This suggests that there is a margin between what is considered fair market rent and what is actually being paid in the area, potentially indicating an opportunity for landlords who can leverage this gap to attract Section 8 tenants without significantly reducing their rental income.
The median home value in Maywood is $242,617, which is generally lower than the average home values seen across the larger Chicago-Joliet-Naperville metro area. This lower home value combined with a higher-than-average renter share of 40.0% can signal a Section 8 sweet spot. Landlords in Maywood can benefit from a higher concentration of potential renters while maintaining a reasonable investment cost relative to other areas within the metro.
While specific comparative data on other ZIP codes within the metro area isn't provided, we can infer that Maywood is likely positioned as a value pocket within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Its lower market rents and home values, coupled with a significant renter population, make it an attractive option for both landlords and small-portfolio investors looking to enter the Section 8 housing market.
A value pocket is characterized by properties that offer good returns on investment due to lower costs and potentially higher demand from subsidized renters. Given the figures for ZIP 60153, it fits this description well. However, it's important to note that while Maywood presents a favorable environment for Section 8 investments, it is not immune to the broader economic trends affecting the Chicago metropolitan area.
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.