Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,840 |
| 1 Bedroom | $1,960 |
| 2 Bedrooms | $2,210 |
| 3 Bedrooms | $2,840 |
| 4 Bedrooms | $3,250 |
| 5 Bedrooms | $3,770 |
| 6 Bedrooms | $4,222 |
| 7 Bedrooms | $4,560 |
| 8 Bedrooms | $4,788 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,210 | $262,692 | 0.84% | C |
| 3BR | $2,840 | $350,333 | 0.81% | C |
| 4BR | $3,250 | $471,607 | 0.69% | D |
| 5BR | $3,770 | $514,585 | 0.73% | D |
U.S. Census Bureau data (2024)
The real estate market in Grayslake, IL (ZIP 60030), is currently characterized by a median home value of $346,418. This figure, combined with the observation that only 0.1% of listings have reduced their prices and a median days on market (DOM) of just 6 days, signals strong seller's market conditions. These metrics indicate that homes are selling quickly at or near their asking prices, suggesting that landlords and small-portfolio investors have significant pricing power over the next 12-24 months.
The low percentage of price reductions and swift sales imply that demand outstrips supply, maintaining upward pressure on property values. This dynamic supports the idea that landlords can continue to set competitive rental rates without fear of vacancy, while small-portfolio investors might see steady capital appreciation in their properties.
On the rental side, the Federal Market Rent (FMR) for ZIP 60030 in fiscal year 2024 is projected to be $1910, compared to the current market rate of $1991 (ZORI). This suggests that rental income could remain stable or slightly increase, aligning well with the potential for property value growth.
For long-term investors, the setup implied by the data points to a realistic appreciation thesis. With a robust local economy and a housing market where homes sell quickly and rarely need price adjustments, there is a foundation for continued property value appreciation. However, the modest difference between the FMR and ZORI indicates that rental yields may not dramatically increase, suggesting that capital gains rather than rental income will likely drive overall returns.
The median DOM of 6 days further reinforces the notion that the market is tight, with buyers eager to secure homes before they go off the market. This eagerness supports higher property values and potentially higher rents, as tenants may also face competition for units.
In summary, the combination of high median home values, minimal price reductions, and rapid sales cycles in Grayslake, IL, signals a favorable environment for landlords and small-portfolio investors. The potential for continued property value appreciation, alongside stable rental income, presents a compelling case for holding onto assets in this area for the foreseeable future.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.