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 | $1,310 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,390 | $134,503 | 1.03% | B |
| 2BR | $1,570 | $267,363 | 0.59% | F |
| 3BR | $2,020 | $318,871 | 0.63% | D |
| 4BR | $2,310 | $354,213 | 0.65% | D |
| 5BR | $2,680 | $379,475 | 0.71% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60164, Northlake, IL, is set at $1360 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive but rather the ceiling for rent payments.
In comparison, the average rent in Northlake based on Census American Community Survey (ACS) data is $1,159. This indicates that the FMR is higher than the typical market rate, which could be beneficial for landlords participating in the Section 8 program.
The rental share in Northlake is 23.1%, meaning that slightly more than one in five households rent their homes. This suggests a moderate demand for rental properties, particularly those that qualify for Section 8 assistance.
If you're looking to acquire a property in Northlake for your first Section 8 rental, the median home value is around $299,616. This is a significant investment, and it's crucial to ensure that the property meets all the requirements for the Section 8 program before purchasing. The most critical aspect to verify is whether the property complies with the Housing Quality Standards (HQS), which are mandatory for all Section 8 rentals. These standards cover a range of safety and habitability issues, such as electrical systems, plumbing, heating, and structural integrity.
By ensuring your property meets these standards, you'll be prepared to enter into a Section 8 contract, which guarantees regular rental income at the FMR level. However, remember that the FMR does not necessarily reflect the full market value of your property. Instead, it's designed to provide affordable housing options for low-income families.
To summarize, the FMR of $1360 provides a cap for rent charges under Section 8, which is higher than the average market rent of $1,159. With a 23.1% renter share, there is a reasonable demand for rental properties. Before proceeding, make sure your property meets the HQS requirements to avoid any complications once you've acquired it.
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.