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 | $1,560 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $1,870 |
| 3 Bedrooms | $2,400 |
| 4 Bedrooms | $2,750 |
| 5 Bedrooms | $3,190 |
| 6 Bedrooms | $3,573 |
| 7 Bedrooms | $3,859 |
| 8 Bedrooms | $4,052 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,870 | $277,615 | 0.67% | D |
| 3BR | $2,400 | $410,128 | 0.59% | F |
| 4BR | $2,750 | $518,086 | 0.53% | F |
| 5BR | $3,190 | $592,019 | 0.54% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60451, New Lenox, IL, in fiscal year 2024 is set at $1680. This figure represents the maximum amount that a landlord can charge a tenant who participates in the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you would collect; it's the ceiling for subsidized payments.
To put this into perspective, the average rent in New Lenox, IL, based on recent Census American Community Survey (ACS) data, is around $1505. This suggests that the FMR is slightly above the local average, which could be beneficial for landlords participating in the Section 8 program.
Regarding demand, about 6.9% of the population in New Lenox are renters. While this percentage might seem low, it translates to a substantial number of potential tenants, especially those seeking affordable housing options through the Section 8 program. The demand for affordable housing remains steady, making Section 8 a reliable option for landlords.
If you're considering acquiring a property for your first Section 8 rental in New Lenox, the median home value in the area is approximately $439,900. This indicates that purchasing a home for this purpose will require a significant investment, but it also suggests that the property could appreciate over time, providing long-term financial benefits.
Before you decide to pull the trigger on a Section 8 rental property, ensure that the property meets all the necessary inspection standards. The property must pass a Housing Quality Standards (HQS) inspection, which checks for basic safety and habitability. This verification is crucial because failing to meet these standards can result in penalties or even termination of the lease agreement.
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.