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 | $1,450 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,560 |
| 5 Bedrooms | $2,970 |
| 6 Bedrooms | $3,326 |
| 7 Bedrooms | $3,592 |
| 8 Bedrooms | $3,772 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,540 | $192,671 | 0.8% | D |
| 2BR | $1,740 | $328,797 | 0.53% | F |
| 3BR | $2,240 | $418,112 | 0.54% | F |
| 4BR | $2,560 | $512,300 | 0.5% | F |
| 5BR | $2,970 | $641,946 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 60706, located in Harwood Heights, IL, has a population of 24,260, with 26.8% of residents being renters. This indicates that while there is a significant portion of the population renting, it is not overwhelmingly dominated by renters. The median household income stands at $84,530, which is relatively high compared to the national average.
The typical market rent in this area is $2,068 per month. This means that the average rent consumes approximately 24.5% of the median household income. When comparing this to the Fair Market Rent (FMR) of $1,540 for FY 2024, it's evident that the actual market rent exceeds the FMR by about $528, suggesting a higher cost of living or rental demand in the area.
Given the income levels and the current market rent, landlords in ZIP 60706 can expect tenants who may have a mix of financial situations. Some will be able to afford the market rate without assistance, while others might require Section 8 vouchers to cover part of their rent. However, due to the relatively low percentage of renters and the fact that market rents are above the FMR, the demand for deep voucher subsidies may not be as high as in areas with lower incomes or higher percentages of renters.
Tenants in this area are likely to be a diverse group, including families, young professionals, and seniors. Landlords should prepare for potential applicants who are seeking housing assistance but also recognize that the competition for vouchers could be stiff. It's important for landlords to understand the requirements and benefits of participating in the Section 8 program, as well as the local rental market dynamics.
In summary, ZIP 60706 is a moderate renter-heavy area with a decent demand for housing vouchers, but not at the level seen in more renter-dominant ZIP codes. The expected tenant profile includes individuals and families who can manage a substantial portion of the rent, even if they need some financial aid through 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.