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 | $1,440 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,210 |
| 4 Bedrooms | $2,530 |
| 5 Bedrooms | $2,935 |
| 6 Bedrooms | $3,287 |
| 7 Bedrooms | $3,550 |
| 8 Bedrooms | $3,728 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,520 | $151,232 | 1.01% | B |
| 2BR | $1,720 | $216,774 | 0.79% | D |
| 3BR | $2,210 | $350,537 | 0.63% | D |
| 4BR | $2,530 | $413,857 | 0.61% | D |
U.S. Census Bureau data (2024)
The market in Schiller Park, IL (ZIP 60176) is dynamic, with specific indicators pointing towards a balanced yet competitive environment. The Fair Market Rent (FMR) for the area is set at $1560 for fiscal year 2024, while the actual market rent, as measured by Zillow's ZORI, stands at $1,739. This suggests that landlords can charge slightly above the FMR, indicating a market where demand is robust enough to support rents above government benchmarks.
The low price-cut share of 0.1% signals that property owners are generally not needing to reduce their asking prices to attract tenants, which is a positive sign for landlords. However, the lack of available data on days on market (DOM) makes it challenging to draw definitive conclusions about the speed at which properties are rented out. Despite this, the median home value of $305,370 provides insight into the overall economic health and stability of the housing market in Schiller Park.
A significant 40.8% of the population are renters, a figure that underscores the importance of rental properties in the local housing ecosystem. High renter share typically implies ongoing long-term housing pressure, as a substantial portion of residents rely on rental options rather than homeownership. This scenario benefits small-portfolio investors and landlords who can capitalize on the consistent demand for rental units.
In summary, the dynamics of the Schiller Park housing market suggest a scenario where demand closely follows supply, with slight advantages for landlords due to the robust renter base and ability to charge above FMR. The market is poised for steady performance, offering opportunities for those invested in rental properties.
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.