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 | $1,930 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,310 |
| 3 Bedrooms | $2,970 |
| 4 Bedrooms | $3,390 |
| 5 Bedrooms | $3,932 |
| 6 Bedrooms | $4,404 |
| 7 Bedrooms | $4,756 |
| 8 Bedrooms | $4,994 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,040 | $172,243 | 1.18% | B |
| 2BR | $2,310 | $252,900 | 0.91% | C |
| 3BR | $2,970 | $356,490 | 0.83% | C |
| 4BR | $3,390 | $488,679 | 0.69% | D |
| 5BR | $3,932 | $574,766 | 0.68% | D |
U.S. Census Bureau data (2024)
ZIP code 60031, located in Gurnee, IL, falls within the larger Chicago-Joliet-Naperville, IL HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 60031 is set at $1870 for fiscal year 2024, which closely aligns with the area's average market rent of $1846. This indicates that the rental pricing in 60031 is reflective of the broader metro trends.
The median home value in 60031 is $366,260, which is lower than many areas within the Chicago-Joliet-Naperville metro. Given the lower home values combined with a relatively high renter share of 22.1%, this ZIP code could be considered a value pocket within the metro area. A higher renter share typically suggests a greater demand for rental properties, which can be advantageous for landlords and small-portfolio investors looking to capitalize on Section 8 opportunities.
In comparison to other ZIP codes in the Chicago-Joliet-Naperville, IL HUD Metro FMR Area, where home values tend to be higher due to the urban proximity and amenities, 60031 stands out as an area where rental prices are competitive with the metro average despite the lower property values. This makes it a potentially attractive location for investors interested in maximizing their returns through rental income while minimizing the initial investment cost.
The alignment of the FMR with the market rent also implies that the government's estimates for reasonable rental costs are accurate for this area, making it easier for landlords to qualify for Section 8 participation without having to adjust their rents significantly. This consistency between FMR and market rent can be beneficial for both tenants and landlords, ensuring stable and affordable housing options.
To summarize, ZIP 60031 presents itself as a value pocket within the Chicago-Joliet-Naperville metro, offering competitive rental prices and a higher renter share compared to its median home value. These factors make it a suitable location for Section 8 real estate investments.
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.