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 | $1,590 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,460 |
| 4 Bedrooms | $2,810 |
| 5 Bedrooms | $3,260 |
| 6 Bedrooms | $3,651 |
| 7 Bedrooms | $3,943 |
| 8 Bedrooms | $4,140 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,460 | $204,123 | 1.21% | A |
| 4BR | $2,810 | $247,989 | 1.13% | B |
U.S. Census Bureau data (2024)
The median income in ZIP code 60469 stands at $73,676, placing it in a moderate income bracket. The market rate for rent, according to Census ACS data, is $1,397. This means that a household earning the median income would spend approximately 19% of their monthly income on rent at market rates. However, the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for this area in fiscal year 2024 is $1,540, which exceeds the market rate.
To put this into perspective, if a household were to receive a housing voucher, they would be eligible for a maximum rental assistance amount of $1,540 per month. This is higher than the current market rate, indicating that voucher recipients could potentially find units at or below the market price without fully utilizing their voucher's maximum value. For those relying solely on their income, the $1,397 market rate represents a significant portion of their earnings, making it challenging to cover other living expenses.
The ZIP code has a population of 5,205, with 32.0% of residents being renters. Given these numbers, there is a notable segment of the population that relies on rental housing. The affordability gap between the median income and the market rate rent suggests that many renters might struggle to find affordable housing without some form of subsidy or assistance. This creates a competitive environment for landlords who are looking to attract tenants willing to pay the market rate versus those seeking properties that accept vouchers.
The takeaway for landlords is clear: while renting at market rates can yield higher profits, accepting vouchers ensures a steady stream of tenants who are financially supported by the government. Landlords should consider the local demand for both types of rentals and weigh the benefits of voucher programs against the potential risks of lower rents. In ZIP 60469, the higher FMR compared to the market rate makes it particularly attractive for voucher holders, but landlords must also assess whether the administrative requirements of participating in voucher programs align with their business goals.
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.