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 | $1,350 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,080 |
| 4 Bedrooms | $2,380 |
| 5 Bedrooms | $2,761 |
| 6 Bedrooms | $3,092 |
| 7 Bedrooms | $3,339 |
| 8 Bedrooms | $3,506 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,620 | $114,630 | 1.41% | A |
| 3BR | $2,080 | $142,968 | 1.45% | A |
| 4BR | $2,380 | $164,366 | 1.45% | A |
| 5BR | $2,761 | $208,739 | 1.32% | A |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60636 in Chicago, IL, for fiscal year 2024 is set at $1220. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning it's the maximum amount that the government will pay towards rent for eligible tenants in this area. It's important to note that this is not the actual rent you can charge your tenants; rather, it's the benchmark used to determine subsidy payments.
In comparison, the typical market rent for ZIP 60636 is around $1620, based on the Zillow Rent Index (ZORI). This suggests that landlords participating in the Section 8 program might receive slightly less than the average market rate, but still a significant portion of the rent. The difference between the FMR and the market rent can be made up through additional tenant contributions, which are typically required to cover the gap.
The demand for rentals in this area is strong, with 47.2% of residents being renters. This high percentage indicates a robust market for rental properties, making it likely that you'll have a steady stream of potential tenants interested in your Section 8 property.
If you're looking to acquire a property in ZIP 60636, the median home value stands at $129,437. This figure can help you gauge the initial investment needed to enter the market. While the acquisition cost is relatively low, the ongoing management and maintenance of a Section 8 property must also be considered. The lower FMR compared to the ZORI means that your monthly income will be somewhat less than if you rented the property at market rates, but the stability of government-backed payments can be an attractive feature for many investors.
Before you commit to a Section 8 rental property, ensure that the property meets all inspection requirements. The government has strict guidelines on the condition of the property, and failing inspections can delay or even prevent you from receiving subsidy payments. Verify compliance with these standards to avoid any issues down the line.
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.