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 | $1,340 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,600 | $266,647 | 0.6% | D |
| 3BR | $2,060 | $358,545 | 0.57% | F |
| 4BR | $2,350 | $456,159 | 0.52% | F |
| 5BR | $2,726 | $543,149 | 0.5% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60442 in Manhattan, Illinois, for fiscal year 2024 is set at $1540. This figure represents the maximum amount that a landlord can charge a Section 8 tenant for rent. It's important to note that this is not necessarily the amount you will receive as your monthly rent; it is the benchmark used by the government to determine eligibility and payment standards.
To put this into perspective, the average rent in ZIP 60442, based on Census American Community Survey data, is $1,213. This means that if you participate in the Section 8 program, you could potentially charge up to $1540, which is higher than the typical market rate. However, the actual rent paid to you will be determined by the tenant's income and the program's rules.
The demand for rental properties in this area is relatively low, with only 9.4% of the population being renters. Despite this, the potential for higher rental rates through Section 8 can still make it a viable option for landlords. Additionally, the median home value in the area is around $385,024, which suggests that acquiring a rental property might require a significant investment.
Before you decide to enter the Section 8 program with your first rental property in ZIP 60442, it is crucial to verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these standards can result in disqualification from the program, leading to financial losses and wasted time.
In conclusion, participating in the Section 8 program with a property in ZIP 60442 can offer higher rental rates compared to the local average. With a lower renter share, the competition for Section 8 vouchers may be less intense, making it easier to fill your units. However, the initial investment required to purchase a property in this area is substantial. Ensure your property complies with HQS to avoid any issues and to maximize your chances of success in the program.
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.