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 | $1,680 |
| 1 Bedroom | $1,780 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,580 |
| 4 Bedrooms | $2,950 |
| 5 Bedrooms | $3,422 |
| 6 Bedrooms | $3,833 |
| 7 Bedrooms | $4,140 |
| 8 Bedrooms | $4,347 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,780 | $174,720 | 1.02% | B |
| 2BR | $2,010 | $280,279 | 0.72% | D |
| 3BR | $2,580 | $570,515 | 0.45% | F |
| 4BR | $2,950 | $813,849 | 0.36% | F |
| 5BR | $3,422 | $1,088,546 | 0.31% | F |
U.S. Census Bureau data (2024)
The ZIP code 60302, located in Oak Park, Illinois, presents an interesting scenario for both renters and landlords. The median income in this area stands at $100,680, which is notably higher than the national average. However, when it comes to housing costs, the market rate rent (ZORI) is set at $1,970 per month. This figure represents the actual rents being paid by tenants in the area.
Comparatively, the Fair Market Rent (FMR) for ZIP 60302, as determined by HUD for fiscal year 2024, is $1,810. This amount is what housing vouchers aim to cover, reflecting the government's assessment of reasonable rental costs in the area. The difference between the ZORI and the FMR highlights a significant affordability gap for those relying on vouchers, as landlords would need to accept a lower payment than the market rate to accommodate voucher holders.
In ZIP 60302, 38.4% of the population are renters, with a total population of 32,862. Given these numbers, the demand for affordable housing is substantial. For landlords, this means that there is a competitive landscape where properties that are priced closer to the FMR will attract more tenants who are able to secure housing vouchers. Conversely, landlords who insist on market rates may find themselves with fewer potential tenants, especially those who might rely on financial assistance.
The takeaway for landlords considering their strategy is clear: accepting housing vouchers can be a viable approach to fill vacancies and ensure steady cash flow. While the FMR of $1,810 is slightly below the market rate of $1,970, it still represents a significant portion of the rent. Landlords who are willing to work with voucher programs can tap into a segment of the market that is underserved by the higher market rates, potentially leading to more consistent occupancy and a broader tenant pool.
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.