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 | $2,520 |
| 1 Bedroom | $2,670 |
| 2 Bedrooms | $3,020 |
| 3 Bedrooms | $3,880 |
| 4 Bedrooms | $4,440 |
| 5 Bedrooms | $5,150 |
| 6 Bedrooms | $5,768 |
| 7 Bedrooms | $6,229 |
| 8 Bedrooms | $6,540 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,020 | $375,485 | 0.8% | C |
| 3BR | $3,880 | $422,777 | 0.92% | C |
| 4BR | $4,440 | $520,478 | 0.85% | C |
| 5BR | $5,150 | $618,227 | 0.83% | C |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 landlord investing in ZIP code 60490 in Bolingbrook, IL, must be carefully considered. Tenant turnover is a significant concern, with the market rent at $3,518 compared to the Federal Market Rent (FMR) of $2,570 for fiscal year 2024. This disparity suggests that tenants might struggle to afford higher rents outside of the Section 8 program, leading to frequent turnover. Additionally, vacancy exposure is a critical issue, given the average days on market (DOM) is 35 days, indicating a relatively quick rental process but also highlighting the possibility of prolonged vacancies if the property isn't immediately attractive to voucher holders.
The deferred maintenance risk is substantial due to the typical home value of $487,152 and the median household income of $150,531. These figures imply that residents might not have the financial capacity to cover extensive repairs or upgrades out-of-pocket, which can lead to deferred maintenance issues that Section 8 landlords must address. However, these risks are mitigated by the high renter share in the area, which stands at 10.4%. High renter density often translates into a robust demand for rental properties, including those that accept Section 8 vouchers, making it easier to find and retain tenants who can afford the subsidized rent.
Despite the challenges, the high renter share in Bolingbrook, IL, suggests a stable tenant pool and consistent demand for rental units. This stability can offset some of the financial risks associated with higher market rents and deferred maintenance costs. The local rental market's characteristics indicate that landlords should be prepared for a slightly elevated level of tenant turnover and potential maintenance expenses, but the overall environment supports a healthy investment opportunity for those willing to manage these factors effectively.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.