The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Chicago, IL 60647's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 60647 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $1,467 to a high of $1,793, with an average of $1,630.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,584, a maximum of $1,936, and an average of $1,760.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,800, peaking at a maximum of $2,200, and averaging at $2,000.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,295, a maximum of $2,805, and an average of $2,550.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,709 to a maximum of $3,311, with an average of $3,010.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Chicago, IL 60647 Low Rent (90%) $1,467 $1,584 $1,800 $2,295 $2,709
Average Rent $1,630 $1,760 $2,000 $2,550 $3,010
High Rent(110%) $1,793 $1,936 $2,200 $2,805 $3,311
2023 Chicago, IL 60647 Low Rent (90%) $1,197 $1,296 $1,485 $1,881 $2,241
Average Rent $1,330 $1,440 $1,650 $2,090 $2,490
High Rent (110%) $1,463 $1,584 $1,815 $2,299 $2,739
2022 Chicago, IL 60647 Low Rent (90%) $1,062 $1,161 $1,341 $1,701 $2,016
Average Rent $1,180 $1,290 $1,490 $1,890 $2,240
High Rent(110%) $1,298 $1,419 $1,639 $2,079 $2,464
2021 Chicago, IL 60647 Low Rent (90%) $990 $1,098 $1,269 $1,611 $1,926
Average Rent $1,100 $1,220 $1,410 $1,790 $2,140
High Rent (110%) $1,210 $1,342 $1,551 $1,969 $2,354
2020 Chicago, IL 60647 Low Rent (90%) $918 $1,035 $1,197 $1,521 $1,809
Average Rent $1,020 $1,150 $1,330 $1,690 $2,010
High Rent(110%) $1,122 $1,265 $1,463 $1,859 $2,211
2019 Chicago, IL 60647 Low Rent (90%) $873 $990 $1,152 $1,467 $1,755
Average Rent $970 $1,100 $1,280 $1,630 $1,950
High Rent (110%) $1,067 $1,210 $1,408 $1,793 $2,145


Discover Section 8 FMR by zip code