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 | $1,520 |
| 1 Bedroom | $1,610 |
| 2 Bedrooms | $1,820 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $2,670 |
| 5 Bedrooms | $3,097 |
| 6 Bedrooms | $3,469 |
| 7 Bedrooms | $3,747 |
| 8 Bedrooms | $3,934 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,820 | $265,578 | 0.69% | D |
| 3BR | $2,340 | $361,117 | 0.65% | D |
| 4BR | $2,670 | $503,584 | 0.53% | F |
| 5BR | $3,097 | $566,935 | 0.55% | F |
U.S. Census Bureau data (2024)
ZIP code 60084, located in Wauconda, IL, falls within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,660, which is higher than the average market rent of $1,387. This indicates that the government's estimate for affordable housing in this area is slightly above what the market currently offers.
The median home value in ZIP 60084 is $352,122, suggesting a moderate price point compared to other areas in the metro region. With a 20.8% renter share, Wauconda has a smaller proportion of renters than some urban centers within the metro, but this figure is not out of line when considering suburban areas.
To position ZIP 60084 within the broader Chicago-Joliet-Naperville, IL HUD Metro FMR Area, it is best described as a mid-tier neighborhood. The FMR is higher than the market rent, indicating that landlords can charge close to the FMR and still be competitive. However, the home value is not exceptionally high, nor is the renter share particularly low, which suggests it is neither a premium sub-market nor a value pocket.
Comparatively, the data shows that while the FMR is above the market rent, this is balanced by the relatively moderate home values and renter share. There is no significant divergence that would indicate a special opportunity for Section 8 properties; rather, it suggests a stable and typical suburban market within the larger Chicago metro area.
Landlords and small-portfolio investors should note the following:
These figures suggest that while there might not be a standout sweet spot for Section 8 properties in this ZIP, the area remains a solid choice for those looking to invest in a moderately priced suburban neighborhood within a large metropolitan area.
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.