Section 8 Fair Market Rent (FMR) for ZIP 60446 - 2027

Investment Score for ZIP 60446

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,140
1 Bedroom	$2,270
2 Bedrooms	$2,570
3 Bedrooms	$3,300
4 Bedrooms	$3,770
5 Bedrooms	$4,373
6 Bedrooms	$4,898
7 Bedrooms	$5,290
8 Bedrooms	$5,555

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,570	$291,099	0.88%	C
3BR	$3,300	$313,472	1.05%	B
4BR	$3,770	$389,854	0.97%	C
5BR	$4,373	$417,195	1.05%	B

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 60446 (Romeoville, IL) #### Section 8 Voucher Dynamics In ZIP code 60446, the Fair Market Rent (FMR) for a two-bedroom unit is set at $2,310 per month. This figure represents 26.1% of the median household income of $106,258, indicating that it is within a reasonable range for affordability based on local incomes. However, the actual rental market in Romeoville is significantly higher than the FMR. The Zillow median price for a two-bedroom home is $284,495, which translates into a monthly mortgage payment that would likely exceed the FMR when considering typical interest rates and loan terms. The price-to-FMR ratio of 10.3x suggests that the median home value is much higher than the rent that Section 8 voucher holders can afford. For instance, if we assume a conservative mortgage rate of 4%, the monthly mortgage payment for a $284,495 home would be approximately $1,360, excluding property taxes and insurance. Adding these costs, the total monthly payment could easily surpass the FMR, making it challenging for voucher holders to find suitable housing within their budget. Therefore, the constraints for voucher holders are significant, as they must search for units priced below $2,310, which is well below the market average. #### Affordability & Renter Profile With a population of 41,672 and a renter percentage of 19.1%, the rental market in Romeoville is relatively small but stable. The occupancy rate of 96.6% indicates that there is little vacancy, suggesting a tight market where demand is high relative to supply. Given the median household income of $106,258, renters in this area are likely to be middle-class individuals or families who can afford higher rents but may still struggle with the high cost of living. The FMR for a two-bedroom unit being only 26.1% of the median income implies that most residents have sufficient financial means to cover rent without assistance. However, for those relying on Section 8 vouchers, finding affordable housing is a significant challenge due to the high market rents. This tight market condition makes it difficult for voucher holders to secure housing, as landlords might prefer tenants who can pay the full market rate. #### Investor Angle From an investor perspective, the ZIP code 60446 presents a mixed scenario. The FMR for a two-bedroom unit is $2,310, while the actual median home value is $284,495. Assuming a typical mortgage payment of around $1,360 for a home valued at $284,495, plus additional costs such as property taxes and insurance, the total monthly expenses could easily exceed $1,600. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the net operating income (NOI) and the overall expenses. If we assume an NOI of $2,310 minus $1,600 in expenses, the investor would have a positive cash flow of $710 per month. However, this assumes that the property is rented out at the FMR, which may not always be possible given the high market rents. Given the high price-to-FMR ratio and the tight rental market, the investment grade for properties in this ZIP code is moderate to low for Section 8-focused investors. While there is potential for positive cash flow, the difficulty in attracting and retaining Section 8 tenants due to the high market rents poses a risk. #### Specific Actionable Insights 1. **Focus on Lower-Rent Properties**: Investors should focus on acquiring properties that are priced closer to the FMR. For example, a two-bedroom unit priced at $2,310 or slightly above would be more attractive to Section 8 voucher holders and provide a better chance of maintaining occupancy. This strategy requires careful selection of properties that are either in less desirable areas or have lower maintenance needs. 2. **Consider Multi-Family Units**: Given the high FMR for larger units, multi-family properties may offer a better opportunity. For instance, a three-bedroom unit priced at $2,970 would still be within the FMR range for a family of four. Investing in multi-family units could provide a more balanced approach to managing the tight rental market and ensuring steady cash flow. 3. **Engage with Local Landlords and Tenants**: Building relationships with local landlords and tenants can help navigate the challenges of the high rental market. Understanding the local dynamics and working with community organizations can provide insights into the best practices for renting to Section 8 voucher holders and managing expectations regarding rent levels. #### Bottom Line Based on the analysis, the recommendation for Section 8-focused investors in ZIP code 60446 is to **Hold**. While there is potential for positive cash flow, the high market rents and tight rental market make it challenging to find and retain tenants using Section 8 vouchers. Investors should carefully evaluate the specific properties and consider focusing on lower-rent units or multi-family properties to mitigate risks. Engaging with the local community and understanding the unique dynamics of Romeoville will be crucial for success in this market.

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.