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 | $1,540 |
| 1 Bedroom | $1,630 |
| 2 Bedrooms | $1,840 |
| 3 Bedrooms | $2,370 |
| 4 Bedrooms | $2,700 |
| 5 Bedrooms | $3,132 |
| 6 Bedrooms | $3,508 |
| 7 Bedrooms | $3,789 |
| 8 Bedrooms | $3,978 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,840 | $200,821 | 0.92% | C |
| 3BR | $2,370 | $284,200 | 0.83% | C |
| 4BR | $2,700 | $357,219 | 0.76% | D |
| 5BR | $3,132 | $410,157 | 0.76% | D |
U.S. Census Bureau data (2024)
1360 is the Fair Market Rent (FMR) for ZIP 60417 in Crete, IL, as set for fiscal year 2024. 1391 represents the average market rent in the area, according to the Census American Community Survey, indicating a slight premium over the FMR. 286,083 is the median home value in Crete, IL, suggesting a moderate housing market. However, only 10.1% of residents are renters, which means the rental market is relatively small compared to homeownership. The median income of 91,952 provides insight into the financial health of the local population, potentially supporting higher rents. A 37-day Days on Market (DOM) average implies that properties listed for rent are typically occupied quickly, reducing vacancy periods. With a 0.3% price-cut share, it's evident that landlords rarely need to reduce their asking prices to attract tenants, reflecting a stable rental market.
Investors looking at the rental landscape in Crete, IL, should note that the gap between the FMR and the actual market rent is minimal, at just 31 dollars. This suggests that there is little room for price manipulation beyond the set FMR, making it a straightforward market for Section 8 properties. Given the quick turnover rate indicated by the 37-day DOM, coupled with the low necessity for price cuts, the rental market appears efficient and responsive to demand.
The verdict on Section 8 eligibility in Crete, IL, is positive, as the local rental market aligns closely with federal guidelines without significant strain on either landlords or tenants.
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.