Location: DeKalb County, 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 | $1,950 |
| 1 Bedroom | $2,070 |
| 2 Bedrooms | $2,340 |
| 3 Bedrooms | $3,010 |
| 4 Bedrooms | $3,440 |
| 5 Bedrooms | $3,990 |
| 6 Bedrooms | $4,469 |
| 7 Bedrooms | $4,827 |
| 8 Bedrooms | $5,068 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,340 | $305,369 | 0.77% | D |
| 3BR | $3,010 | $428,554 | 0.7% | D |
| 4BR | $3,440 | $511,918 | 0.67% | D |
| 5BR | $3,990 | $599,481 | 0.67% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP code 60119, which encompasses Elburn, IL, does not favor participation in the Section 8 program. The Fair Market Rent (FMR) set at $2030 for the fiscal year 2024 is significantly higher than the actual market rent of $1,538, as reported by the Census ACS. This discrepancy means that landlords would receive a subsidy that exceeds the typical rental income, potentially making the program attractive on the surface. However, the gap also suggests that tenants qualifying for Section 8 might struggle to afford the additional costs beyond the subsidy, leading to potential financial risks for landlords.
Regarding property acquisition, the median home value of $459,602 makes purchasing properties in this area relatively expensive. With no data available on days on market (DOM), it's unclear how quickly homes sell. However, the fact that only 0.2% of homes experience price cuts indicates that the market is stable and possibly even strong, suggesting that homes retain their value well. This stability could be beneficial for long-term investments but poses challenges for affordability when acquiring new properties.
Tenant demand in ZIP 60119 is low. With a total population of 11,381, only 7.6% of residents are renters. This translates to approximately 863 renters in the area, indicating limited demand for rental properties. Landlords and investors should consider the scarcity of potential tenants when deciding whether to enter this market with Section 8 properties.
A verdict on ZIP 60119 for Section 8 real estate investment reveals mixed outcomes. While the FMR offers a higher rental rate than the market, the significant difference between FMR and market rent could pose challenges in finding suitable tenants. Additionally, the high median home value and limited renter population make the area less appealing for those seeking immediate or high-demand rental opportunities. For investors looking for stable, long-term holdings, ZIP 60119 might still present viable opportunities, but they must weigh the potential risks against the rewards carefully.
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.