Section 8 Fair Market Rent (FMR) for ZIP 60029 - 2027

Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,170
1 Bedroom	$2,300
2 Bedrooms	$2,600
3 Bedrooms	$3,340
4 Bedrooms	$3,820
5 Bedrooms	$4,431
6 Bedrooms	$4,963
7 Bedrooms	$5,360
8 Bedrooms	$5,628

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

518

Median Household Income

$242,772

Housing Units

185

Renter Percentage

1.1%

Occupancy Rate

98.9%

Renter Occupied

The ZIP code 60029, located in Glencoe, Illinois, is part of a high-end residential area known for its affluent neighborhoods and proximity to Chicago. This suburban setting offers a mix of single-family homes and some rental properties, catering to a diverse group of residents including families, professionals, and retirees.

Fair Market Rent: The Fair Market Rent for ZIP 60029 is set at $2160 for fiscal year 2024, indicating a relatively stable housing cost that aligns with the local economic conditions.
Rental Market Dynamics: Despite the lack of specific market rent data, the low 1.1% renter share suggests that homeownership is predominant in this area, which could mean limited demand for rental units.
Median Home Value: With a median home value of $1,266,712, the real estate market in ZIP 60029 reflects a high-end segment of the housing market, appealing to buyers with substantial financial resources.
Days on Market: The absence of data on days on market (DOM) indicates that sales activity might be less frequent or tracked differently, possibly due to the premium nature of the listings and longer sales cycles.
Median Income: The median household income of $242,772 underscores the affluence of the area, providing a strong economic foundation for property values and potential rental incomes.

For landlords and small-portfolio investors considering ZIP 60029, the primary takeaway is that this is a niche market characterized by high property values and a predominantly homeowner population. While the Fair Market Rent provides a benchmark for rental pricing, the scarcity of rental properties and limited market rent data suggest that the rental market is not robust. However, the high median income supports the stability of property values and can attract high-income tenants willing to pay above average rents. Investors should focus on long-term appreciation rather than short-term rental yields, given the area's characteristics.

Data Sources: FMR data from HUD (2027). 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.