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 | $1,830 |
| 1 Bedroom | $1,940 |
| 2 Bedrooms | $2,190 |
| 3 Bedrooms | $2,820 |
| 4 Bedrooms | $3,220 |
| 5 Bedrooms | $3,735 |
| 6 Bedrooms | $4,183 |
| 7 Bedrooms | $4,518 |
| 8 Bedrooms | $4,744 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,940 | $188,522 | 1.03% | B |
| 2BR | $2,190 | $332,658 | 0.66% | D |
| 3BR | $2,820 | $473,487 | 0.6% | F |
| 4BR | $3,220 | $609,854 | 0.53% | F |
| 5BR | $3,735 | $758,791 | 0.49% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60631 in Chicago, IL, for fiscal year 2024 is set at $1670. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit, which is subsidized by the government. It's important to note that this is not the rent you'll receive; it's the benchmark used to determine the subsidy amount.
In comparison, the Zillow Observed Rental Index (ZORI), which reflects the average market rent in the area, stands at $1966. This indicates that the market rent is higher than the FMR, meaning landlords who participate in Section 8 may need to adjust their expectations on rental income.
The 24.7% renter share in ZIP 60631 suggests a significant portion of the population rents rather than owns homes. This is indicative of strong rental demand, which can be beneficial for landlords. However, it also implies that competition among renters might be high, making Section 8 an attractive option for those seeking stable housing.
If you're considering purchasing a property to use as a Section 8 rental, the median home value of $446,276 gives you an idea of the typical acquisition cost. This figure should be considered alongside your expected rental income and any potential subsidies to ensure the investment aligns with your financial goals.
Before proceeding with a Section 8 rental in this ZIP code, it is crucial to verify that the property meets all the required standards for habitability and safety. The Housing Quality Standards (HQS) are strict and must be adhered to; failure to do so can result in penalties or loss of contract. Ensure that the property is fully compliant to avoid future complications.
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.