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 | $1,860 |
| 1 Bedroom | $1,970 |
| 2 Bedrooms | $2,230 |
| 3 Bedrooms | $2,870 |
| 4 Bedrooms | $3,280 |
| 5 Bedrooms | $3,805 |
| 6 Bedrooms | $4,262 |
| 7 Bedrooms | $4,603 |
| 8 Bedrooms | $4,833 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,230 | $200,457 | 1.11% | B |
| 3BR | $2,870 | $249,155 | 1.15% | B |
| 4BR | $3,280 | $353,718 | 0.93% | C |
| 5BR | $3,805 | $444,038 | 0.86% | C |
U.S. Census Bureau data (2024)
The ZIP code 60443, located in Matteson, IL, has a population of 20,663, with 21.6% being renters. This indicates that while there is a significant portion of the population renting, it is not a predominantly renter-heavy area. The median household income in this ZIP code is $92,136, which provides insight into the financial capabilities of potential tenants.
The typical market rent in Matteson, IL, stands at $1,480. To put this into perspective, this represents approximately 16.1% of the median household income when considering a single individual's income. However, given that many households consist of multiple earners, the actual percentage of income spent on rent would likely be lower. For instance, if a household consists of two individuals both earning the median income, their combined income would be $184,272, making the rent expense only around 8% of their total income.
Comparatively, the Fair Market Rent (FMR) for the area is set at $1,910 for FY 2024. This suggests that landlords who price their rentals at the market rate of $1,480 have a competitive edge over those who charge closer to the FMR. The discrepancy between the market rent and the FMR implies that there is room for landlords to adjust their pricing without losing out on the Section 8 tenant pool.
A landlord in ZIP 60443 can expect tenants who are financially stable, given the median income level. The demand for Section 8 vouchers is present but not overwhelming, as evidenced by the relatively low percentage of renters compared to homeowners. Tenants in this area will likely need assistance covering a substantial portion of their rent, as the market rent is nearly 80% of the FMR. This means that landlords who accept Section 8 vouchers must ensure their rental properties are priced appropriately to attract these tenants without incurring financial losses.
In summary, Matteson, IL, offers a moderate opportunity for landlords interested in Section 8 tenants. While the area is not dominated by renters, the income levels suggest that tenants receiving vouchers will still have the ability to contribute a reasonable amount towards their rent. Landlords should aim to price their units below the FMR to maximize their chances of securing tenants with vouchers.
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.