Section 8 Fair Market Rent (FMR) for ZIP 60187 - 2027
Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,990 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,390 |
| 3 Bedrooms | $3,070 |
| 4 Bedrooms | $3,510 |
| 5 Bedrooms | $4,072 |
| 6 Bedrooms | $4,561 |
| 7 Bedrooms | $4,926 |
| 8 Bedrooms | $5,172 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$119,769
Housing Authorities Serving ZIP 60187
To determine if a landlord should invest in ZIP 60187 (Wheaton, IL) for Section 8 properties, follow this decision tree:
- Does the Fair Market Rent (FMR) of $2080 cover the debt service on a $490,745 property?
- If the monthly debt service is less than or equal to $2080, then the answer is Yes. The FMR can cover the expenses.
- If the monthly debt service exceeds $2080, then the answer is No. The FMR does not provide sufficient income to cover the monthly mortgage payments.
- Is the market rent ($2,048 ZORI) above, at, or below the FMR?
- If the market rent is above the FMR, then the answer is It Depends. Landlords might consider investing outside of Section 8 if they aim for higher rental yields.
- If the market rent is at or below the FMR, then the answer is Yes. This indicates that the market rent aligns well with the FMR, making Section 8 investment viable.
- Are 30.8% of the residents renters and is the 19-day Days on Market (DOM) enough demand?
- If the percentage of renters is high and the DOM is low, then the answer is Yes. There is strong demand for rentals in the area, which supports a Section 8 investment.
- If the percentage of renters is low or the DOM is high, then the answer is No. Demand for rentals is insufficient to justify a Section 8 investment.
The decision to invest in ZIP 60187 for Section 8 properties hinges on these factors. A landlord must ensure that the FMR of $2080 is adequate to meet their debt service requirements. Additionally, the market rent of $2,048 being close to the FMR suggests that there is little margin for non-Section 8 tenants. Lastly, the 30.8% of residents being renters combined with a 19-day DOM indicates a healthy rental market, but this needs to be balanced against the other financial considerations.
Data Sources: FMR data from HUD (2027). 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.