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 | $1,930 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,310 |
| 3 Bedrooms | $2,970 |
| 4 Bedrooms | $3,390 |
| 5 Bedrooms | $3,932 |
| 6 Bedrooms | $4,404 |
| 7 Bedrooms | $4,756 |
| 8 Bedrooms | $4,994 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,970 | $486,522 | 0.61% | D |
| 4BR | $3,390 | $645,126 | 0.53% | F |
| 5BR | $3,932 | $798,089 | 0.49% | F |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP 60157 in the Chicago-Joliet-Naperville, IL HUD Metro FMR Area for FY 2024 is set at $2,010. This figure is crucial for landlords and small-portfolio investors participating in the Section 8 program. According to recent data from Zillow and BestPlaces, the rental market in ZIP 60157 is relatively tight, with renters making up only 3.9% of the population. The median home value in this area stands at $526,646, indicating a robust housing market.
To determine the cashflow potential for voucher tenants, we must consider the disparity between the HUD FMR and the actual market rents. Based on the available information, the market rents in ZIP 60157 are not explicitly provided; however, given the high median home value, it is reasonable to infer that market rents exceed the HUD FMR. Therefore, voucher tenants would likely only cashflow in premium units, where the rent is closer to the HUD FMR and the property is well-maintained to attract such tenants.
The rent-to-price ratio can provide insight into the investment potential of the area. With a median home value of $526,646 and an estimated market rent exceeding the HUD FMR, the ratio suggests a favorable environment for long-term investments focused on appreciation rather than immediate cashflow. This is further supported by the recent data from Redfin, which indicates a median home price increase of 18.5% in February 2025, selling for a median price of $569K. Homes in this area sell after an average of 68 days on the market, compared to 34 days last year, suggesting a strong demand for both rentals and purchases.
In conclusion, while immediate cashflow might be challenging due to the premium nature of the market, the strongest investor angle in ZIP 60157 is appreciation. The rising home values and robust demand indicate that properties in this area are likely to appreciate over time, providing significant returns on investment for those willing to hold their assets long-term.
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.