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 | $1,230 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,470 | $88,586 | 1.66% | A+ |
| 3BR | $1,890 | $115,696 | 1.63% | A+ |
| 4BR | $2,160 | $136,020 | 1.59% | A+ |
| 5BR | $2,506 | $160,452 | 1.56% | A+ |
U.S. Census Bureau data (2024)
The ZIP code 60426, located in Harvey, IL, presents a dynamic rental market influenced by several key factors. The Fair Market Rent (FMR) for ZIP 60426 is set at $1400 for fiscal year 2024, indicating the benchmark for affordable housing units under the Section 8 program. In contrast, the market rent, as reported by the Census American Community Survey (ACS), stands at $986, suggesting that the actual rental prices are below the FMR threshold.
A price-cut share of 0.2% implies that very few landlords are lowering their rents to attract tenants, which can be interpreted as a sign of stability or even slight demand over supply. However, the lack of available data on days on market (DOM) makes it challenging to definitively conclude the balance between supply and demand. Despite this, the low price-cut share suggests that properties are likely being rented without significant negotiation, pointing towards a market where demand may be keeping pace with or slightly exceeding supply.
The median home value of $101,347 provides insight into the overall affordability of the area. This figure is relatively low compared to many other regions, potentially making it attractive for first-time homebuyers and those seeking affordable homeownership options. However, the fact that 40.9% of residents are renters indicates a substantial portion of the population relies on rental housing, which could create long-term housing pressure. This high renter share suggests a continuous need for rental properties, as a significant number of residents prefer or require renting due to financial constraints or lifestyle choices.
In summary, ZIP 60426 exhibits a rental market where demand appears to be steady, if not slightly ahead of supply, as evidenced by the low price-cut share and the gap between FMR and market rent. The median home value underscores the area's affordability, but the high percentage of renters signals an ongoing reliance on rental housing, which may persist over the long term.
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.