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 |
|---|---|---|---|---|
| 1BR | $2,670 | $297,590 | 0.9% | C |
| 2BR | $3,020 | $585,483 | 0.52% | F |
| 3BR | $3,880 | $1,171,458 | 0.33% | F |
| 4BR | $4,440 | $1,757,336 | 0.25% | F |
U.S. Census Bureau data (2024)
The ZIP code 60611 in Chicago, IL, presents an interesting scenario for both renters and landlords. The median income for households in this area stands at $125,675, which is notably high. However, when compared to the market rate for rent, which is set at $2,781 (ZORI), it becomes evident that affordability remains a significant concern despite the higher incomes.
The Federal Market Rent (FMR) for the zip code for fiscal year 2024 is $2,570. This means that the market rate is $211 above the FMR, indicating a slight premium but still within a reasonable range for government assistance. For renters, the difference between the ZORI and FMR represents a challenge, especially if they rely on vouchers to cover their housing expenses.
With 60.0% of the 37,705 population being renters, competition for affordable units is fierce. Landlords must navigate this landscape carefully, understanding the balance between market rates and the willingness of tenants to pay, either through vouchers or direct cash payments.
The affordability gap suggests that while some renters might be able to afford the market rate out-of-pocket, others will need to leverage vouchers to secure housing. This dynamic creates a dual strategy for landlords: accepting voucher payments to cater to a portion of the rental market, while also maintaining units at market rates for those who can afford them without assistance.
For landlords considering their options, the key takeaway is to diversify their rental offerings. Accepting voucher payments can ensure steady occupancy and income, especially given the high percentage of renters. At the same time, keeping a portion of units at the market rate of $2,781 can attract higher-income tenants willing to pay more for desirable locations within 60611.
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.