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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,610 | $163,232 | 0.99% | C |
| 2BR | $1,820 | $324,123 | 0.56% | F |
| 3BR | $2,340 | $502,395 | 0.47% | F |
| 4BR | $2,670 | $628,781 | 0.42% | F |
| 5BR | $3,097 | $806,569 | 0.38% | F |
U.S. Census Bureau data (2024)
ZIP code 60304, located in Oak Park, IL, is situated within the larger Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,650, while the average market rent stands at $1,402. The median home value in this ZIP code is $488,903, and it has a renter share of 28.4%. These figures provide insight into the nature of the real estate market in 60304 relative to the broader metro area.
The FMR of $1,650 for ZIP 60304 exceeds the typical FMR for the Chicago-Joliet-Naperville, IL HUD Metro FMR Area, which is generally lower. However, the market rent of $1,402 is slightly below the FMR, suggesting that rental properties in this area could potentially attract Section 8 tenants who might be looking for units that fall within their voucher limits. This makes 60304 a somewhat competitive location for landlords interested in Section 8 participation.
The median home value of $488,903 places 60304 in the mid-tier range when compared to other ZIP codes within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Some areas within the metro have higher home values, indicating a premium sub-market, while others have lower values, suggesting a value pocket. Therefore, 60304 can be considered a mid-tier neighborhood.
A notable aspect of ZIP 60304 is its relatively high renter share of 28.4%, which is above the national average but not necessarily unusual for urban settings. When combined with the below-average market rent and the fact that the home values are also in the mid-range, this suggests that 60304 could be a sweet spot for Section 8 investors. Landlords here may find a good balance between rental income and the availability of Section 8 vouchers to cover tenant payments.
In summary, ZIP 60304 is positioned as a mid-tier neighborhood within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. It offers a competitive environment for Section 8 participation due to its slightly below-average market rents and a significant portion of renters, making it an attractive option for landlords and small-portfolio investors seeking a stable investment opportunity.
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.