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 | $2,300 |
| 1 Bedroom | $2,440 |
| 2 Bedrooms | $2,760 |
| 3 Bedrooms | $3,550 |
| 4 Bedrooms | $4,050 |
| 5 Bedrooms | $4,698 |
| 6 Bedrooms | $5,262 |
| 7 Bedrooms | $5,683 |
| 8 Bedrooms | $5,967 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,760 | $309,693 | 0.89% | C |
| 3BR | $3,550 | $385,045 | 0.92% | C |
| 4BR | $4,050 | $482,445 | 0.84% | C |
| 5BR | $4,698 | $525,590 | 0.89% | C |
U.S. Census Bureau data (2024)
2130 FMR (zip FY 2024) stands as the benchmark for fair market rent in Shorewood, IL, but the actual market rent, at $1,779 (Census ACS), suggests a competitive edge for landlords willing to offer units below the FMR. The median home value of $404,145 underscores a stable residential market, which can be advantageous for long-term investments. With only 4.9% of the population identified as renters, it's clear that Shorewood leans heavily towards homeownership, indicating a niche rental market. However, the median income of $122,171 provides a strong financial base for potential tenants, making it feasible for them to afford higher rents or housing costs. The day DOM being listed as N/A points to either limited data availability or a swift turnover rate in rentals, which could benefit landlords looking for quick tenancy. A mere 0.3% price-cut share signals a robust demand for available rentals, without the need for significant price adjustments to attract tenants.
In the context of Section 8 eligibility, the gap between the FMR and the actual market rent presents an opportunity for landlords. By accepting Section 8 tenants, they can fill vacancies with minimal risk of rent default, given the area's high median income. Additionally, the low price-cut share indicates that properties in Shorewood generally command their asking price, suggesting that landlords might find it easier to justify the slightly lower rents typical of Section 8 contracts. In conclusion, Shorewood, IL, with its strong economic indicators and competitive rental market, remains a favorable location for landlords to consider Section 8 participation, especially for those who can offer units at or below the $2130 FMR.
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.