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 | $1,570 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $1,880 |
| 3 Bedrooms | $2,420 |
| 4 Bedrooms | $2,760 |
| 5 Bedrooms | $3,202 |
| 6 Bedrooms | $3,586 |
| 7 Bedrooms | $3,873 |
| 8 Bedrooms | $4,067 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,880 | $128,248 | 1.47% | A |
| 3BR | $2,420 | $221,432 | 1.09% | B |
| 4BR | $2,760 | $313,135 | 0.88% | C |
| 5BR | $3,202 | $392,120 | 0.82% | C |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60471, Richton Park, IL, is set at $1600 for fiscal year 2024. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It's important to note that this is not the rent you'll charge your tenants; it's the maximum amount that the government will pay toward the rent on behalf of eligible low-income families.
In comparison, the local median asking rent for a two-bedroom apartment is $1,699, according to the Zillow Observed Rent Index (ZORI). This suggests that the FMR is slightly below the average market rate, which could mean that your actual rent might be higher than the government's contribution, but not by much.
The 50.1% share of renters indicates strong demand for rental properties in Richton Park. With over half of the residents being renters, there is a significant pool of potential tenants who could benefit from the Section 8 program.
If you're looking to acquire a property in this area, the median home value is around $214,270. This gives you an idea of the typical investment required to enter the market here. Keep in mind that the actual cost can vary depending on the condition and location of the property.
Before proceeding with a Section 8 rental, verify that the property meets all local housing quality standards (HQS). These standards ensure that the living conditions are safe and habitable, which is a requirement for participation in the program. Failure to meet these criteria can result in penalties or removal from the program.
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.