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 | $1,680 |
| 1 Bedroom | $1,780 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,580 |
| 4 Bedrooms | $2,950 |
| 5 Bedrooms | $3,422 |
| 6 Bedrooms | $3,833 |
| 7 Bedrooms | $4,140 |
| 8 Bedrooms | $4,347 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,010 | $240,481 | 0.84% | C |
| 3BR | $2,580 | $340,204 | 0.76% | D |
| 4BR | $2,950 | $426,304 | 0.69% | D |
| 5BR | $3,422 | $514,753 | 0.66% | D |
U.S. Census Bureau data (2024)
1700 is the Fair Market Rent (FMR) set by HUD for Tinley Park, IL (ZIP 60477), effective in fiscal year 2024. This figure represents the maximum rental amount that can be charged for a two-bedroom apartment under the Section 8 program. In contrast, the actual market rent, known as ZORI, stands at $1,761, indicating a slight premium over the subsidized rate. The median home value in the area is $297,926, reflecting a stable housing market where property values are well above the national average. Renter share in Tinley Park is 17.8%, which is relatively low compared to many urban areas, suggesting a strong owner-occupied presence. The median income of $94,927 provides a solid financial base for residents, though it does not directly impact the rental market dynamics for Section 8 properties. The average days on market (DOM) for rentals is 9 days, demonstrating a brisk pace in the local rental market. However, only 0.2% of listings experience a price cut, indicating that landlords are generally setting competitive prices without the need for adjustments. Given these figures, Tinley Park appears to offer a balanced opportunity for landlords participating in the Section 8 program, with a slightly higher market rent than the FMR and a robust local economy supporting rental demand.
The verdict for Tinley Park's Section 8 market is positive, with favorable conditions for landlords who understand the balance between market rates and HUD guidelines.
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.