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 | $1,790 |
| 1 Bedroom | $1,900 |
| 2 Bedrooms | $2,150 |
| 3 Bedrooms | $2,760 |
| 4 Bedrooms | $3,160 |
| 5 Bedrooms | $3,666 |
| 6 Bedrooms | $4,106 |
| 7 Bedrooms | $4,434 |
| 8 Bedrooms | $4,656 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,900 | $142,014 | 1.34% | A |
| 2BR | $2,150 | $232,397 | 0.93% | C |
| 3BR | $2,760 | $286,992 | 0.96% | C |
| 4BR | $3,160 | $394,899 | 0.8% | C |
| 5BR | $3,666 | $390,886 | 0.94% | C |
U.S. Census Bureau data (2024)
Round Lake 60073 is a mature, family-centric suburb located roughly 50 miles northwest of downtown Chicago, characterized by a balanced mix of single-family homes and townhome communities. The area maintains a distinct residential feel with access to regional conveniences, notably the presence of Advocate Aurora Health Center, which serves as a key local employer and stabilizes the community's service economy. Recent village planning efforts have focused on downtown revitalization and improving public park infrastructure, reinforcing the neighborhood’s appeal for long-term rental stability.
From a financial perspective, investors must navigate a notable spread between government caps and private market rates. The FY2026 Fair Market Rent (FMR) for a 2-bedroom unit is $1,910, while current Zillow market rents sit at $2,353, resulting in a cash-flow gap of $443 per month. Median home values in the area are $271,320, and properties are moving at a moderate pace with a median of 57 days on market. Because the HUD SAFMR is significantly lower than the market rate, landlords accepting vouchers will likely realize lower monthly yields unless they can acquire assets well below the median 2BR sale price of $224,343.
The tenant pool is anchored by solid demographics; with a median household income of $98,514 and a renter share of just 21.9%, the population leans toward ownership. This suggests that available renters are often families priced out of buying or those seeking specific school districts. The local Round Lake Area Schools District 116 generally performs within state averages, providing adequate draw for families utilizing vouchers. While transit options exist via Metra connections on the North Central Service, the community is largely car-dependent, influencing tenant retention.
The Section 8 verdict for Round Lake 60073 leans toward stability and appreciation over immediate high-yield cash flow. The substantial gap between the $1,910 FMR and the $2,353 market rent makes this a challenging play for investors relying solely on government payments to cover standard market leverage. However, the relatively high median income and moderate days on market suggest a resilient environment where properties are likely to appreciate, particularly if purchased near the median sale price rather than the higher home value average.
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.