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 | $1,370 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,640 |
| 3 Bedrooms | $2,110 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,640 | $201,254 | 0.81% | C |
| 3BR | $2,110 | $266,491 | 0.79% | D |
| 4BR | $2,410 | $309,074 | 0.78% | D |
| 5BR | $2,796 | $315,957 | 0.88% | C |
U.S. Census Bureau data (2024)
The dynamics of ZIP 60099, located in Zion, IL, indicate a market in motion where the balance between supply and demand plays a critical role. The Fair Market Rent (FMR) for the area, set at $1,570 for fiscal year 2024, exceeds the actual market rent, which stands at $1,310 according to ZORI (Zillow Observed Rental Index). This suggests that the supply of rental units may be slightly outpacing demand, as evidenced by the relatively low market rent compared to the FMR.
The 0.2% price-cut share and 9-day days on market (DOM) indicate that properties are generally selling without significant discounts and quickly. This implies that the demand for homeownership in the area remains robust, despite the relatively lower market rent. The median home value of $256,982 supports this notion, suggesting that homeowners are willing to invest in property at this price point.
Arenter share of 35.3% reveals that a substantial portion of the population in ZIP 60099 relies on rental housing. This high percentage of renters can contribute to long-term housing pressure, as it signals a consistent need for rental properties. Landlords and small-portfolio investors should consider this trend when evaluating their investment strategies in the area.
The market in ZIP 60099 reflects a scenario where both the rental and homeownership sectors are active, but the rental market might experience some slack due to the excess supply relative to the FMR. For investors, this presents an opportunity to capitalize on the strong demand for homeownership while also being mindful of the rental market dynamics.
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.