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 | $1,500 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,800 |
| 3 Bedrooms | $2,310 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,310 | $268,295 | 0.86% | C |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 60165 operate under specific financial guidelines that directly impact a landlord's income. For a two-bedroom apartment in this ZIP code, the SAFMR (Small Area Fair Market Rent) for fiscal year 2024 is set at $1500. This figure represents the maximum amount that the housing authority will pay towards the rent of a unit. However, it's important to note that the local market rent, according to the Census ACS, is slightly lower at $1412.
A Section 8 voucher does not cover the entire cost of rent. Tenants are required to contribute a portion of their income towards the rent, which is typically 30% of their adjusted monthly income. Once this contribution is factored in along with any utility allowances, the actual reimbursement to landlords can be calculated. Utility allowances vary but are designed to help cover the cost of utilities for tenants.
To illustrate, if a tenant's portion of the rent is $424 (based on an income that results in 30% being $424), then the remaining amount up to the SAFMR would be covered by the housing authority. In this case, the housing authority would pay $1076 ($1500 - $424). If the local market rent is $1412, the total reimbursement from both the tenant and the housing authority would be $1500, which exceeds the local market rent by $88.
This scenario indicates a surplus for landlords when compared to the local market rent. Landlords should also be aware that the SAFMR applies specifically to this ZIP code, meaning that the rate is set for this particular area and may differ from surrounding areas.
In summary, for a two-bedroom rental unit in ZIP 60165, the typical reimbursement gap or surplus is a surplus of $88. This means landlords receive more than the average local market rent, making Section 8 vouchers a potentially attractive option for maintaining occupancy rates and steady income streams.
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.