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 | $1,990 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,120 | $190,438 | 1.11% | B |
| 2BR | $2,390 | $257,572 | 0.93% | C |
| 4BR | $3,510 | $553,825 | 0.63% | D |
U.S. Census Bureau data (2024)
The ZIP code 60195, located in Schaumburg, Illinois, presents an interesting scenario for both renters and landlords. The median household income in this area stands at $90,174, which provides a baseline for financial stability. However, when compared to the market rate for rent, which is set at $1,911 (ZORI), the picture becomes more nuanced. This figure represents the typical rent price for a two-bedroom apartment, indicating a significant portion of monthly income must be allocated towards housing.
To further contextualize, the Fair Market Rent (FMR) for the zip code in fiscal year 2024 is pegged at $2,060. This is the amount that a Housing Choice Voucher, commonly known as a Section 8 voucher, would cover for eligible tenants. Given that the FMR is slightly higher than the ZORI, it suggests that voucher holders could potentially secure more affordable units than those renting at the market rate, thereby offering landlords a stable source of income.
Schaumburg has a rental population of 4,397, with 71.4% of residents being renters. This high percentage indicates a robust demand for rental properties, but also implies intense competition among landlords. The affordability gap between the median income and the ZORI highlights the financial strain many households might face when seeking to rent without assistance. For those who qualify for Section 8 vouchers, the gap is somewhat bridged by the government subsidy, making rental properties more accessible.
The takeaway for landlords considering their strategy should be clear: focusing on voucher recipients can provide a steady stream of tenants, reducing vacancy rates and ensuring timely rent payments. While the income from voucher-assisted rentals may be slightly less than the market rate, the security and predictability offered by these arrangements can outweigh the risks associated with cash-paying tenants, especially in a competitive market like Schaumburg's.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.