Location: Kendall County, 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 | $2,370 |
| 1 Bedroom | $2,470 |
| 2 Bedrooms | $2,910 |
| 3 Bedrooms | $3,760 |
| 4 Bedrooms | $4,200 |
| 5 Bedrooms | $4,872 |
| 6 Bedrooms | $5,457 |
| 7 Bedrooms | $5,894 |
| 8 Bedrooms | $6,189 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,910 | $293,077 | 0.99% | C |
| 3BR | $3,760 | $375,682 | 1% | B |
| 4BR | $4,200 | $490,626 | 0.86% | C |
| 5BR | $4,872 | $533,824 | 0.91% | C |
U.S. Census Bureau data (2024)
The ZIP code 60503, located in Aurora, IL, presents an interesting scenario when analyzed from the perspective of a renter. The median household income here stands at $136,726, which might initially suggest strong financial stability among residents. However, the market rate rent, known as the Zillow Observed Rent Index (ZORI), is $2,530 per month. This figure is crucial for understanding the local rental landscape.
To put this into context, let's consider how this compares to the Federal Market Rent (FMR) standard for voucher payments, which is set at $2,360 for the fiscal year 2024. While the voucher amount is slightly lower than the market rate, it still represents a significant portion of the monthly rent, making it a viable option for many renters in this area. The difference between the ZORI and the FMR, however, highlights a potential affordability gap for those without vouchers.
The population of ZIP 60503 is 16,789, with 9.8% of households being renters. This low percentage indicates a competitive market for landlords, where the number of available rental units might be limited relative to the demand. For landlords, this means that attracting tenants could be challenging, especially if they aim to charge above the voucher payment standard.
The affordability gap between the market rate ($2,530) and the voucher payment ($2,360) is relatively narrow, suggesting that renters with vouchers can find suitable housing options within their budget. For landlords, this implies that accepting Section 8 vouchers could be a strategic move to secure steady, reliable tenants. While the margin between market rate and voucher payment is modest, the guaranteed payment and tenant screening process associated with vouchers can provide a level of security and predictability that outweighs the slightly lower rent.
In conclusion, landlords in ZIP 60503 should consider both the cash-paying market and the Section 8 voucher program. Given the median income and the competitive nature of the rental market, landlords who are flexible and willing to accept vouchers may find themselves with a more stable tenant base. This strategy can also help mitigate the risk of vacancies, ensuring a consistent revenue stream. Landlords should weigh these factors carefully when deciding on their rental pricing and acceptance policies.
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.