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 | $321,333 | 0.83% | C |
| 2BR | $3,020 | $488,615 | 0.62% | D |
| 3BR | $3,880 | $884,654 | 0.44% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60661 in Chicago, IL, for fiscal year 2024 is set at $2,570. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you will be receiving; it is the benchmark used by the Department of Housing and Urban Development (HUD) to determine what is considered fair market value.
To put this into perspective, the local median rent for ZIP 60661 is currently at $2,583, based on the Zillow Observed Rent Index (ZORI). This indicates that the FMR closely aligns with the average rent in the area, suggesting that the voucher payments are designed to meet typical market rates.
The demand for rental properties in this area is strong, with 73.4% of residents being renters. This high percentage means there is a significant pool of potential tenants who might benefit from Section 8 vouchers. However, it also implies competition among landlords to attract these tenants.
If you're looking to acquire a property for a Section 8 rental, the median home value in ZIP 60661 is approximately $337,233. This figure gives you an idea of the investment required to purchase a property suitable for a Section 8 tenant. While the monthly rental income is capped at the FMR, the long-term stability provided by the government-backed vouchers can make such an investment worthwhile.
Before deciding to participate in the Section 8 program with your first rental property, ensure that your property meets all the necessary inspection criteria. HUD requires that all Section 8 properties pass a thorough inspection to ensure they meet specific health and safety standards. This verification step is crucial to avoid delays in securing a tenant and to ensure compliance with the program requirements.
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.