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 | $1,300 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,010 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $191,562 | 0.81% | C |
| 3BR | $2,010 | $293,880 | 0.68% | D |
| 4BR | $2,290 | $330,115 | 0.69% | D |
| 5BR | $2,656 | $357,232 | 0.74% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 60803, Alsip, IL, in fiscal year 2024 is set at $1380. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, which means it's the maximum amount that the government will pay toward your tenant's rent. It's important to note that this is not the actual rent you'll charge; it's the cap on what the voucher can cover.
In comparison, the local Zillow Observed Rent Index (ZORI) stands at $1,557. This indicates that the average market rent for properties in Alsip is slightly higher than the Section 8 payment standard. Given that the renter share of the population is 33.6%, there is a significant portion of potential tenants who might rely on Section 8 vouchers to afford housing. However, the difference between the ZORI and the FMR suggests that landlords might need to find ways to bridge the gap between the voucher payment and the market rent.
The median home value in Alsip is around $255,616, which gives an idea of the typical price point for acquiring a property in this area. If you're planning to purchase a property for Section 8 rentals, consider that this is the approximate cost you'd face. While the FMR provides a guideline for the government subsidy, you must ensure that the total rent, including any portion paid by the tenant above the FMR, covers your mortgage payments, maintenance costs, and other expenses associated with owning a rental property.
Before deciding to take on a Section 8 rental, verify that the property meets all the necessary requirements set by the housing authority. These requirements include safety, health, and structural standards. Ensuring compliance upfront will save you time and money in the long run, as non-compliant properties can lead to penalties or even loss of tenancy.
To summarize, the $1380 FMR is the government's contribution to the rent, while the local market rent is $1,557. With 33.6% of the population being renters, there is demand for affordable housing options. The median home value of $255,616 sets the stage for understanding the acquisition cost. Lastly, make sure your property complies with all housing authority standards before proceeding.
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.