Section 8 Fair Market Rent (FMR) for ZIP 60507 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 60507 in fiscal year 2024 is set at $1700. This figure represents the payment standard for Section 8 housing assistance, meaning that if you participate in the program, the government will pay up to $1700 per month for your rental unit, adjusted based on the size of the unit and other factors.

Note that this is not the amount you can charge tenants for rent; it's the maximum amount the government will contribute toward the tenant's rent. The actual rent you set should be competitive with other rental properties in the area, but it cannot exceed the FMR unless you qualify for an exception under the program's rules.

Unfortunately, the data for average market rents in ZIP 60507 is currently unavailable, which makes direct comparisons difficult. However, knowing the FMR can still help you estimate a reasonable rent price for your property, ensuring it remains attractive to potential tenants while also being economically viable for you as a landlord.

The percentage of renters in the area is also listed as N/A, which would typically indicate the proportion of residents who are likely to seek rental housing, including those who might apply for Section 8 assistance. A higher percentage of renters generally means greater demand for affordable housing options, which could benefit you as a landlord willing to accept Section 8 tenants.

Similarly, the median home value in the area is marked as N/A, which is useful for understanding the typical acquisition cost of properties in the neighborhood. While this figure does not directly impact the rental income, it can provide insight into the overall economic landscape and the potential resale value of your investment.

Before deciding to participate in the Section 8 program, verify that your property meets all the required standards for habitability and safety. This is crucial because the Housing Authority will inspect your property to ensure it complies with these standards before approving it for the program.

Data Sources: FMR data from HUD (2027).

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.