Section 8 Fair Market Rent (FMR) for ZIP 60187 - 2027

Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area

Investment Score for ZIP 60187

Monthly Rent (2BR)

$2,390

Median Price (2BR)

$371,280

1% Rule

0.64%

Annual Yield

7.72%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,390	$371,280	0.64%	D
3BR	$3,070	$457,685	0.67%	D
4BR	$3,510	$699,887	0.5%	F
5BR	$4,072	$914,162	0.45%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

28,815

Median Household Income

$119,769

Housing Units

10,555

Renter Percentage

30.8%

Occupancy Rate

94.5%

Renter Occupied

3,075

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). 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.