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 | $1,450 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,560 |
| 5 Bedrooms | $2,970 |
| 6 Bedrooms | $3,326 |
| 7 Bedrooms | $3,592 |
| 8 Bedrooms | $3,772 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,540 | $164,505 | 0.94% | C |
| 2BR | $1,740 | $293,885 | 0.59% | F |
| 3BR | $2,240 | $392,342 | 0.57% | F |
| 4BR | $2,560 | $517,941 | 0.49% | F |
| 5BR | $2,970 | $637,415 | 0.47% | F |
U.S. Census Bureau data (2024)
The ZIP code 60101 in Addison, IL, presents a dynamic rental market that is currently in balance but leans towards favoring landlords. The Fair Market Rent (FMR) for ZIP 60101 is set at $1550 for the fiscal year 2024, while the actual market rent, as measured by Zillow's ZORI, stands at $1,886. This indicates that the market rent exceeds the government-set FMR, suggesting strong demand from renters.
The low 0.2% price-cut share further supports this notion, as it implies that few landlords are having to reduce their asking rents to attract tenants. Additionally, the short 7-day Days on Market (DOM) shows that properties are being leased quickly, indicating a competitive environment for rentals.
The median home value in ZIP 60101 is $369,496, which is a significant financial barrier for many potential homeowners, thereby driving a substantial portion of the population towards renting. With a 31.6% renter share, the rental market is robust and likely to remain so due to the high cost of homeownership. This percentage also suggests ongoing long-term housing pressure, as a considerable number of residents cannot afford to purchase homes, leading to sustained demand for rental properties.
The dynamics in ZIP 60101 suggest that the rental market is tight, with demand possibly outpacing supply. Landlords can expect steady occupancy rates and little need to lower their rents, as evidenced by the quick leasing times and the gap between the FMR and market rent. For small-portfolio investors, this ZIP code offers a stable and potentially profitable investment opportunity, given the strong rental demand and limited need for concessions.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.