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 | $1,340 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,610 | $178,414 | 0.9% | C |
| 3BR | $2,070 | $299,788 | 0.69% | D |
| 4BR | $2,360 | $347,563 | 0.68% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 60482, located in Worth, Illinois, within Cook County, can be quite different from the broader metropolitan or county-level averages due to the specific SAFMR (Small Area Fair Market Rent) rates that apply. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $1450. This means the rate is specifically tailored to reflect the rental market conditions within this ZIP code.
In contrast, the local market rent for a two-bedroom unit in ZIP 60482, according to the Census American Community Survey (ACS), runs at $1,169. This figure represents the average rent paid by tenants without subsidies, giving a baseline to compare against the SAFMR.
A landlord participating in the Section 8 program will receive a reimbursement based on the SAFMR rate minus the tenant's portion of the rent, which is typically 30% of their income, plus any applicable utility allowances. If a tenant's portion is calculated to be $435 (assuming an annual income of $17,400), the landlord would receive the difference between the SAFMR and the tenant's contribution, along with any utility allowances.
To illustrate, if the tenant's share is $435, the landlord would be reimbursed $1015 per month ($1450 - $435) for the rent, plus any additional amount for utilities, depending on the tenant's needs and the program guidelines. Utility allowances can vary but are generally capped at a certain amount per household size.
Given the local market rent of $1,169, a landlord might see a surplus when renting to a Section 8 tenant. However, the actual surplus depends on the utility allowance and the exact amount of the tenant's share. Assuming a modest utility allowance of $150, the total reimbursement would be around $1165 ($1015 + $150).
This leaves a slight surplus over the local market rent, meaning the landlord could charge a market rate and still receive a higher reimbursement. The surplus is approximately $56 per month ($1165 - $1169), which can help cover costs such as property management, maintenance, and other expenses associated with owning rental properties.
In conclusion, landlords in ZIP 60482 participating in the Section 8 program can expect a reimbursement close to the market rate, with a minor surplus. This economic situation makes Section 8 participation a viable option for landlords looking to ensure steady rental income while providing affordable housing options.
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.