FY2027 Small Area FMR · Shorewood, IL

ZIP 60404 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 60404 (Shorewood, IL) is $2,760 a month, up 15.5% from FY2026. That is 37% above the Chicago-Joliet-Naperville, IL area-wide FMR of $2,011.

2-bedroom SAFMR$2,760per month ▲ 15.5%

Area-wide 2 BR FMR$2,011Chicago-Joliet-Naperville, I

Rank in the area39thof 370 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$2,484

2 BR Small Area FMR$2,760

110% of SAFMR$3,036

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$2,300▲ 15.6%

1 BR$2,440▲ 15.1%

2 BR$2,760▲ 15.5%

3 BR$3,550▲ 15.3%

4 BR$4,050▲ 13.8%

FY2027 FY2026

Where 60404 sits in the Chicago-Joliet-Naperville, IL area

Of the 370 ZIP codes HUD lists for the area, 60404 has the 39th highest two-bedroom Small Area FMR. Chicago-Joliet-Naperville, IL is one of the 65 metro areas where HUD requires Small Area FMRs for the Housing Choice Voucher program (designated 2016), so local housing agencies must set payment standards from this ZIP code's figure, normally between $2,484 and $3,036 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$2,300	$2,070 – $2,530	$1,678	$1,990
1 bedroom	$2,440	$2,196 – $2,684	$1,780	$2,120
2 bedrooms	$2,760	$2,484 – $3,036	$2,011	$2,390
3 bedrooms	$3,550	$3,195 – $3,905	$2,586	$3,080
4 bedrooms	$4,050	$3,645 – $4,455	$2,954	$3,560

A household renting a two-bedroom home at the Small Area FMR of $2,760 needs about $110,400 a year to keep housing costs at 30% of income. The area median family income is $121,500 and the 80% low-income limit for four people is $97,200. ZIP code 60404 lies mainly in Will County. See the Chicago-Joliet-Naperville, IL metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
60431	Joliet	2.3 mi	$1,950
60586	Plainfield	4.5 mi	$2,950
60436	Joliet	5.0 mi	$1,860
60447	Minooka	5.4 mi	$2,010
60435	Joliet	5.5 mi	$1,880
60403	Crest Hill	5.7 mi	$1,930

Questions

What is the Fair Market Rent for ZIP code 60404?

HUD's FY2027 Small Area Fair Market Rents for 60404 are $2,300 (studio), $2,440 (1 BR), $2,760 (2 BR), $3,550 (3 BR) and $4,050 (4 BR) a month.

What is the Section 8 payment standard in 60404?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 60404 that range is $2,484 to $3,036 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 60404?

The FY2026 income limits of the Chicago-Joliet-Naperville, IL area apply: median family income $121,500, low-income (80%) limit $97,200 for a family of four.