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

Chicago, IL 60654'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 60654 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 $1,890 to a high of $2,310, with an average of $2,100.
One-bedroom: One-bedroom rental prices vary, with a minimum of $2,034, a maximum of $2,486, and an average of $2,260.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $2,313, peaking at a maximum of $2,827, and averaging at $2,570.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,943, a maximum of $3,597, and an average of $3,270.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $3,483 to a maximum of $4,257, with an average of $3,870.

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 60654 Low Rent (90%) $1,890 $2,034 $2,313 $2,943 $3,483
Average Rent $2,100 $2,260 $2,570 $3,270 $3,870
High Rent(110%) $2,310 $2,486 $2,827 $3,597 $4,257
2023 Chicago, IL 60654 Low Rent (90%) $1,566 $1,692 $1,944 $2,466 $2,934
Average Rent $1,740 $1,880 $2,160 $2,740 $3,260
High Rent (110%) $1,914 $2,068 $2,376 $3,014 $3,586
2022 Chicago, IL 60654 Low Rent (90%) $1,431 $1,566 $1,809 $2,295 $2,727
Average Rent $1,590 $1,740 $2,010 $2,550 $3,030
High Rent(110%) $1,749 $1,914 $2,211 $2,805 $3,333
2021 Chicago, IL 60654 Low Rent (90%) $1,368 $1,512 $1,755 $2,232 $2,664
Average Rent $1,520 $1,680 $1,950 $2,480 $2,960
High Rent (110%) $1,672 $1,848 $2,145 $2,728 $3,256
2020 Chicago, IL 60654 Low Rent (90%) $1,287 $1,449 $1,683 $2,142 $2,547
Average Rent $1,430 $1,610 $1,870 $2,380 $2,830
High Rent(110%) $1,573 $1,771 $2,057 $2,618 $3,113
2019 Chicago, IL 60654 Low Rent (90%) $1,233 $1,413 $1,638 $2,088 $2,493
Average Rent $1,370 $1,570 $1,820 $2,320 $2,770
High Rent (110%) $1,507 $1,727 $2,002 $2,552 $3,047


Discover Section 8 FMR by zip code