Section 8 Fair Market Rent (FMR) for ZIP 60622 - 2027

Investment Score for ZIP 60622

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,340
1 Bedroom	$2,490
2 Bedrooms	$2,810
3 Bedrooms	$3,610
4 Bedrooms	$4,130
5 Bedrooms	$4,791
6 Bedrooms	$5,366
7 Bedrooms	$5,795
8 Bedrooms	$6,085

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,490	$337,978	0.74%	D
2BR	$2,810	$545,438	0.52%	F
3BR	$3,610	$777,394	0.46%	F
4BR	$4,130	$1,209,267	0.34%	F
5BR	$4,791	$1,803,591	0.27%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 60622 (Chicago, IL) #### Section 8 Voucher Dynamics In ZIP code 60622, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $2470 per month. This amount represents 21.7% of the median household income of $136,277, which indicates that it is relatively affordable for the average resident. However, the actual rental market in this area is significantly higher. The Zillow median price for a two-bedroom rental unit is $516,484, which translates to a monthly rent of approximately $43,040 based on a typical mortgage payment calculation (assuming a 30-year fixed-rate mortgage at 4%). This results in a price-to-FMR ratio of 17.4x, meaning that actual rents are much higher than the FMR. For voucher holders, this creates significant constraints, as the FMR is likely far below the actual rent they would need to pay in the private market. Therefore, voucher holders might struggle to find units that accept their vouchers due to the high cost of living in this area. #### Affordability & Renter Profile ZIP code 60622 has a population of 54,609, with 56.9% of residents being renters. This suggests a strong demand for rental properties. The occupancy rate stands at 93.9%, indicating a tight rental market where most available units are occupied. Given the median household income of $136,277, the majority of renters in this area are likely to be middle to upper-middle class individuals or families who can afford higher rents. The FMR for a two-bedroom unit at $2470 is well below the actual market rate, making it challenging for low-income renters to find affordable housing options. Consequently, the market is highly competitive, and landlords have the leverage to charge premium rents. #### Investor Angle From an investor’s perspective, the ZIP code 60622 presents both opportunities and challenges. The FMR for a two-bedroom unit is $2470, but the actual median rental price is much higher, around $43,040 per month. While this means that there is potential for high rental income, it also implies that the majority of tenants in this area will not be able to utilize Section 8 vouchers effectively. For investors focusing solely on Section 8 vouchers, the cash flow would likely be negative unless they can find units renting at or near the FMR. The investment grade for this ZIP code is mixed. On one hand, the high median household income and strong demand for rental properties suggest a stable and potentially lucrative market. On the other hand, the significant gap between FMR and actual rents makes it difficult for Section 8 voucher holders to find suitable housing. Investors should consider the broader rental market dynamics and the potential for higher rents if they wish to enter this ZIP code. #### Specific Actionable Insights 1. **Focus on Units Near or Below FMR**: Investors looking to capitalize on Section 8 vouchers should focus on acquiring units that rent near or below the FMR. For example, a two-bedroom unit renting at $2470 or less would be ideal. This strategy ensures that the property remains accessible to voucher holders and maintains positive cash flow. 2. **Consider Alternative Rental Markets**: Given the high price-to-FMR ratio, investors might want to explore alternative rental markets within the broader Chicago area where the gap between FMR and actual rents is smaller. This could provide better opportunities for positive cash flow while still benefiting from the demand for rental properties. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 60622 is to **skip** this market. The high actual rents compared to the FMR make it challenging to find units that are affordable for voucher holders. Additionally, the tight rental market and high median household income indicate that the majority of tenants are likely to be paying above the FMR, leading to negative cash flow for properties rented at FMR levels. Instead, investors should look for areas with a lower price-to-FMR ratio and more units renting near the FMR to ensure positive cash flow and accessibility for Section 8 voucher holders.

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.