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 | $1,340 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,600 | $184,992 | 0.86% | C |
| 3BR | $2,060 | $228,157 | 0.9% | C |
| 4BR | $2,350 | $244,801 | 0.96% | C |
U.S. Census Bureau data (2024)
ZIP code 60064, located in North Chicago, IL, is part of the larger Chicago-Joliet-Naperville, IL HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 60064 in fiscal year 2024 is set at $1430. This FMR is a benchmark used by the U.S. Department of Housing and Urban Development (HUD) to determine payment standards for housing assistance programs.
In comparison to other ZIP codes within the same metro area, the market rent of $1,071 in ZIP 60064 is notably lower than its FMR. This suggests that landlords in this ZIP code could potentially benefit from a discrepancy between the actual rents charged and the higher FMR subsidy levels. Additionally, the home value in ZIP 60064 stands at $209,932, which is generally lower than many areas within the Chicago metro, indicating it might be considered a more affordable sub-market for real estate investment.
The renter share in ZIP 60064 is quite high at 58.4%. Typically, a higher renter share can signal a greater demand for rental properties, which is beneficial for landlords. However, when combined with the lower home values and market rents, this ZIP code exhibits characteristics of a value pocket within the Chicago-Joliet-Naperville metro area. Value pockets are areas where the cost of living, including rental costs, is relatively low compared to the overall metro area, making them attractive for those seeking affordable housing options.
The significant difference between the FMR and the actual market rent, coupled with the high renter share, makes ZIP 60064 an appealing location for landlords participating in Section 8 programs. Landlords here can potentially offer more affordable units while still receiving higher subsidies based on the FMR, thus balancing affordability for tenants with profitability for landlords.
In summary, ZIP 60064 in North Chicago is positioned as a value pocket within the Chicago-Joliet-Naperville metro area, characterized by lower market rents and home values but a higher-than-average renter share. These factors make it a strategic choice for landlords and small-portfolio investors looking to leverage Section 8 opportunities effectively.
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.