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 | $1,910 |
| 1 Bedroom | $2,030 |
| 2 Bedrooms | $2,290 |
| 3 Bedrooms | $2,940 |
| 4 Bedrooms | $3,360 |
| 5 Bedrooms | $3,898 |
| 6 Bedrooms | $4,366 |
| 7 Bedrooms | $4,715 |
| 8 Bedrooms | $4,951 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,940 | $155,800 | 1.89% | A+ |
| 4BR | $3,360 | $198,081 | 1.7% | A+ |
U.S. Census Bureau data (2024)
The ZIP code 60428, with a population of 10,927, has a significant rental market presence, with 23.9% of residents being renters. This indicates that while not overwhelmingly dominated by renters, there is still a notable portion of the population seeking rental housing. The median household income stands at $60,000, which is a key figure when assessing the potential demand for Section 8 vouchers.
The typical market rent in this area is $1,599, which consumes approximately 31.98% of the median household income. This percentage highlights that the cost of renting in ZIP 60428 can be quite substantial relative to income levels, making affordable housing options like those supported by Section 8 vouchers highly desirable. The Fair Market Rent (FMR) for the area is set at $1,960 (for FY 2024), indicating that the market rent is below the FMR, suggesting that the rental market in 60428 is somewhat competitive but still within reach for those receiving housing assistance.
Given these figures, landlords in ZIP 60428 can expect a tenant pool that includes individuals and families who rely on Section 8 vouchers to meet their housing needs. These tenants will likely have a combined income that does not exceed 50% of the area median income, aligning with the program's eligibility criteria. They will be looking for units priced around the market rate of $1,599 or slightly higher, up to the FMR of $1,960, to ensure they do not exceed their voucher limits. Landlords should prepare to work with the local housing authority to process and manage the voucher payments, ensuring compliance with both the terms of the vouchers and local rental standards.
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.