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 | $2,050 |
| 1 Bedroom | $2,180 |
| 2 Bedrooms | $2,460 |
| 3 Bedrooms | $3,160 |
| 4 Bedrooms | $3,610 |
| 5 Bedrooms | $4,188 |
| 6 Bedrooms | $4,691 |
| 7 Bedrooms | $5,066 |
| 8 Bedrooms | $5,319 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,460 | $353,127 | 0.7% | D |
| 3BR | $3,160 | $453,617 | 0.7% | D |
| 4BR | $3,610 | $609,964 | 0.59% | F |
| 5BR | $4,188 | $709,999 | 0.59% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 60134 in Geneva, Illinois, reveals several key points for landlords and small-portfolio investors. The first question addresses whether the rent math works. The Fair Market Rent (FMR) set at $2280 for the fiscal year 2024 contrasts with the actual market rent, known as the Zillow Observed Rental Index (ZORI), which stands at $1,983. This discrepancy suggests that landlords may be undercharging based on the HUD guidelines, but it also reflects the reality of the local rental market where tenants might find rents slightly below the FMR acceptable.
Moving on to the affordability of acquisition, the median home value in ZIP 60134 is $532,134. With an average of 26 days on the market (DOM) and only a 0.1% share of homes needing price cuts, the real estate market here is relatively stable and efficient. This indicates that acquiring properties should not pose significant financial challenges for investors, as they can expect quick sales without the need for substantial price reductions.
Lastly, the tenant demand must be considered. The total population of 29,743 includes a 14.0% renter share. This percentage implies that there is a moderate level of demand for rental properties, sufficient to support a landlord's investment but not so high as to create intense competition among property owners.
Verdict: While the rent math suggests that landlords could potentially charge closer to the FMR of $2280, the current market rent of $1,983 reflects what tenants are willing to pay. Acquisition is affordable with a median home value of $532,134, and the low DOM and minimal price-cutting indicate a strong seller's market. Tenant demand is steady with a 14.0% renter share, making ZIP 60134 a viable option for those looking to invest in the Geneva, Illinois, area. However, investors should prepare for a moderate tenant pool, balancing their expectations accordingly.
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.