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 | $1,610 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $2,830 |
| 5 Bedrooms | $3,283 |
| 6 Bedrooms | $3,677 |
| 7 Bedrooms | $3,971 |
| 8 Bedrooms | $4,170 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,930 | $261,410 | 0.74% | D |
| 3BR | $2,480 | $305,425 | 0.81% | C |
| 4BR | $2,830 | $366,921 | 0.77% | D |
U.S. Census Bureau data (2024)
The ZIP code 60403, located in Crest Hill, IL, presents an interesting scenario when analyzed from the perspective of renters. The median household income in this area stands at $73,074, which is a solid figure for many households. However, when it comes to housing costs, the situation becomes more nuanced. The market rate for rent in 60403, according to Census ACS data, is $1,481 per month.
To put this into context, a household earning the median income would spend approximately 24% of their monthly income on rent at the market rate. This percentage is generally considered manageable but still represents a significant portion of the household budget. It leaves little room for other expenses such as utilities, food, and transportation, which are also necessary for daily living.
Comparing this to the Federal Market Rent (FMR) standard for the zip code in fiscal year 2024, which is set at $1,630, it's clear that there is a gap between the market rate and the voucher payment standard. Vouchers, therefore, offer a slightly higher rental amount than the current market rate, making them attractive to landlords who might be concerned about covering their costs.
In Crest Hill, where 32.6% of the 18,371 residents are renters, the affordability gap means that landlords face stiff competition. Many potential tenants might struggle to pay the market rate out of pocket, leading to a preference for units that accept vouchers. This dynamic could influence the types of rental properties available and the occupancy rates landlords experience.
The takeaway for landlords considering voucher versus cash-pay strategies is straightforward: accepting vouchers can provide a steady stream of income, especially if the FMR exceeds the market rate. While cash-paying tenants might offer flexibility and fewer administrative requirements, the reliability of voucher payments and their alignment with the FMR can be a compelling alternative. Landlords should weigh these factors carefully, considering both the financial and operational implications of each strategy.
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.