Section 8 Fair Market Rent (FMR) for ZIP 60660 - 2027

Investment Score for ZIP 60660

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	$2,090
1 Bedroom	$2,210
2 Bedrooms	$2,500
3 Bedrooms	$3,210
4 Bedrooms	$3,670
5 Bedrooms	$4,257
6 Bedrooms	$4,768
7 Bedrooms	$5,149
8 Bedrooms	$5,406

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	$2,210	$187,300	1.18%	B
2BR	$2,500	$348,544	0.72%	D
3BR	$3,210	$540,157	0.59%	F
4BR	$3,670	$956,160	0.38%	F
5BR	$4,257	$1,308,103	0.33%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 60660 (Chicago, IL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 60660 in Chicago, IL, for 2026 are as follows: - 0BR: $1790 - 1BR: $1910 - 2BR: $2150 (which is 38.2% of the median household income) - 3BR: $2770 - 4BR: $3200 These FMRs represent the maximum rent that a Section 8 voucher holder can pay. However, comparing these figures to actual rents reveals significant discrepancies. For instance, the Zillow median price for a 2BR unit in this ZIP code is $331,971. This suggests that the actual rental costs are likely much higher than the FMRs due to the high property values. The constraints for voucher holders are clear: they will struggle to find units that match their voucher limits. A 2BR unit priced at $2150 per month is only 38.2% of the median household income, indicating that even without a voucher, it would be challenging for many residents to afford such units. #### Affordability & Renter Profile ZIP code 60660 has a population of 42,724, with 63.1% being renters. The occupancy rate stands at 91.6%, which indicates a relatively tight rental market. Given that the median household income is $67,479, the affordability of housing is a critical issue. The high proportion of renters and the tight occupancy rate suggest that there is strong demand for rental properties in this area. However, the high price-to-FMR ratio of 12.9x implies that the actual rents are significantly above the FMR levels. This means that while there is demand, the supply of affordable units is limited, making it difficult for low-income households to find suitable housing. #### Investor Angle From an investor’s perspective, the ZIP code 60660 presents a mixed picture. The FMRs are lower than what most units in this area would realistically rent for, given the high property values. For example, a 2BR unit with an FMR of $2150 would likely rent for much more in the open market. However, the high price-to-FMR ratio also suggests that if an investor were to purchase a property and rent it out at the FMR, they might struggle to achieve positive cash flow. The typical rental rates are expected to be several times higher than the FMR, meaning that the potential returns on investment are limited by the voucher program's restrictions. #### Specific Actionable Insights 1. **Target Affordable Units**: Investors should focus on acquiring properties that are closer to the FMR levels. For instance, a 2BR unit renting at $2150 per month would be ideal for Section 8 tenants. This requires identifying units that are below market value but still meet the quality standards required by the voucher program. 2. **Consider Smaller Units**: Given the high price-to-FMR ratio, smaller units like 0BR or 1BR might be more feasible for positive cash flow. These units have FMRs of $1790 and $1910 respectively, which are lower than the typical market rates but still within the range of affordability for voucher holders. 3. **Evaluate Property Quality**: Since the voucher program has strict requirements regarding property quality, investors should ensure that any property they acquire meets these criteria. This includes maintaining the property in good condition and ensuring compliance with health and safety regulations. #### Bottom Line Given the high price-to-FMR ratio and the limited number of units that fall within the FMR range, the recommendation for Section 8-focused investors is to **Skip** this ZIP code. The tight rental market and high property values make it challenging to find properties that offer both positive cash flow and compliance with the voucher program’s requirements. In conclusion, while there is a significant demand for rental properties in ZIP code 60660, the high cost of living and limited availability of affordable units make it a less attractive option for investors who rely on Section 8 vouchers.

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.