Section 8 Fair Market Rent (FMR) for ZIP 60453 - 2027

Investment Score for ZIP 60453

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	$1,540
1 Bedroom	$1,640
2 Bedrooms	$1,850
3 Bedrooms	$2,380
4 Bedrooms	$2,720
5 Bedrooms	$3,155
6 Bedrooms	$3,534
7 Bedrooms	$3,817
8 Bedrooms	$4,008

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,640	$137,118	1.2%	B
2BR	$1,850	$197,695	0.94%	C
3BR	$2,380	$323,252	0.74%	D
4BR	$2,720	$380,713	0.71%	D
5BR	$3,155	$426,489	0.74%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 60453 (Oak Lawn, IL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 60453, as set by HUD for 2026, are as follows: - 0BR: $1360 - 1BR: $1460 - 2BR: $1640 (which is 23.5% of the median household income) - 3BR: $2110 - 4BR: $2440 These FMRs represent the maximum amount that a Section 8 voucher holder can pay towards rent. However, the actual rental market in Oak Lawn, IL, may be higher. The price-to-FMR ratio for a 2BR unit is 10.0x, meaning that the median home value on Zillow for a 2BR unit is $19,583.10 ($195,831 / $1640). This suggests that actual rents could be significantly above the FMR, creating a constraint for voucher holders who might struggle to find units within their budget. #### Affordability & Renter Profile ZIP code 60453 has a population of 56,861, with 17.5% of residents being renters. The occupancy rate stands at 94.8%, indicating a relatively tight market where most available housing units are occupied. Given the median household income of $83,911, the 2BR FMR of $1640 represents a significant portion of the average resident’s income. For those relying solely on Section 8 vouchers, finding affordable housing could be challenging due to the high demand and limited supply of units that accept vouchers and fall within the FMR range. #### Investor Angle From an investor perspective, the ZIP code 60453 appears to be cash-flow positive at FMR levels. The FMR for a 2BR unit is $1640, which is well below the median home value of $195,831. However, it's important to note that the actual rental rates in the area are likely much higher, given the price-to-FMR ratio of 10.0x. This means that landlords who are willing to accept Section 8 vouchers may be able to charge rents close to the FMR, but they will need to ensure that the units meet the quality standards required by the program. The investment grade for this ZIP code would be considered moderate. While there is a strong demand for rental properties, the challenge lies in finding units that are both affordable and acceptable under the Section 8 program. Investors should also consider the administrative burden and potential delays associated with the Section 8 process. #### Specific Actionable Insights 1. **Focus on Units Below FMR**: Given the high price-to-FMR ratio, investors should focus on acquiring units that are priced below the FMR. For example, a 2BR unit priced at $1640 or less would be more attractive to voucher holders and easier to manage within the program guidelines. 2. **Consider Renovation Costs**: Since the Section 8 program requires units to meet certain quality standards, investors should factor in renovation costs when evaluating potential properties. A property priced at $195,831 might need additional investments to bring it up to par, affecting overall profitability. 3. **Explore Government Programs**: Investors should look into government programs that offer incentives for landlords who accept Section 8 vouchers. These programs can help offset some of the financial and administrative burdens associated with renting to voucher holders. #### Bottom Line For Section 8-focused investors, the ZIP code 60453 presents a mixed picture. While the demand for rental properties is strong, the challenge of finding units that are both affordable and meet program requirements is significant. The recommendation would be to **Hold** unless investors can identify units priced below the FMR and are prepared to handle the administrative complexities of the Section 8 program. Investors should also consider the potential for government incentives to improve the investment grade. --- This analysis provides a detailed overview of the rental market dynamics in ZIP code 60453, focusing on how Section 8 vouchers interact with actual rental prices, the affordability challenges faced by renters, and the investment opportunities for landlords. The actionable insights highlight specific strategies for navigating this market, while the bottom line offers a clear recommendation based on the provided data.

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.