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

Chicago, IL 60660'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 60660 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 $1,512 to a high of $1,848, with an average of $1,680.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,629, a maximum of $1,991, and an average of $1,810.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,854, peaking at a maximum of $2,266, and averaging at $2,060.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,358, a maximum of $2,882, and an average of $2,620.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,790 to a maximum of $3,410, with an average of $3,100.

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 60660 Low Rent (90%) $1,512 $1,629 $1,854 $2,358 $2,790
Average Rent $1,680 $1,810 $2,060 $2,620 $3,100
High Rent(110%) $1,848 $1,991 $2,266 $2,882 $3,410
2023 Chicago, IL 60660 Low Rent (90%) $1,278 $1,386 $1,593 $2,025 $2,403
Average Rent $1,420 $1,540 $1,770 $2,250 $2,670
High Rent (110%) $1,562 $1,694 $1,947 $2,475 $2,937
2022 Chicago, IL 60660 Low Rent (90%) $1,170 $1,287 $1,485 $1,881 $2,232
Average Rent $1,300 $1,430 $1,650 $2,090 $2,480
High Rent(110%) $1,430 $1,573 $1,815 $2,299 $2,728
2021 Chicago, IL 60660 Low Rent (90%) $1,125 $1,251 $1,449 $1,836 $2,196
Average Rent $1,250 $1,390 $1,610 $2,040 $2,440
High Rent (110%) $1,375 $1,529 $1,771 $2,244 $2,684
2020 Chicago, IL 60660 Low Rent (90%) $1,080 $1,215 $1,413 $1,791 $2,133
Average Rent $1,200 $1,350 $1,570 $1,990 $2,370
High Rent(110%) $1,320 $1,485 $1,727 $2,189 $2,607
2019 Chicago, IL 60660 Low Rent (90%) $1,035 $1,179 $1,368 $1,737 $2,079
Average Rent $1,150 $1,310 $1,520 $1,930 $2,310
High Rent (110%) $1,265 $1,441 $1,672 $2,123 $2,541


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