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 | $2,030 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,430 |
| 3 Bedrooms | $3,120 |
| 4 Bedrooms | $3,570 |
| 5 Bedrooms | $4,141 |
| 6 Bedrooms | $4,638 |
| 7 Bedrooms | $5,009 |
| 8 Bedrooms | $5,259 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,430 | $136,418 | 1.78% | A+ |
| 3BR | $3,120 | $211,289 | 1.48% | A |
| 4BR | $3,570 | $255,482 | 1.4% | A |
| 5BR | $4,141 | $315,006 | 1.31% | A |
U.S. Census Bureau data (2024)
The potential pitfalls for landlords investing in ZIP 60478, Country Club Hills, IL, under the Section 8 program are significant. Tenant turnover poses a notable challenge, with the market rent at $1,709 falling well below the Fair Market Rent (FMR) of $2,120 for fiscal year 2024. This gap suggests that tenants may struggle to afford higher rents once their vouchers expire, leading to frequent moves and increased vacancy periods. The average Days on Market (DOM) for vacant properties stands at 23 days, which is relatively short but still leaves room for financial strain during the transition period.
Deferred maintenance is another critical issue. With a typical home value of $200,152 and a median household income of $74,826, many residents may find it challenging to keep up with necessary repairs and renovations without financial assistance. This scenario increases the likelihood of deferred maintenance, which can lead to costly repairs down the line and affect property values negatively.
Despite these risks, there are several factors that mitigate the overall investment risk. The renter share in ZIP 60478 is a substantial 25.8%, indicating a robust demand for rental housing. High renter density often correlates with higher demand for Section 8 vouchers, providing a steady stream of qualified tenants. Additionally, the lower market rent compared to the FMR ensures that landlords can attract tenants who qualify for the program, reducing the risk of prolonged vacancies.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.