Location: Grundy County, IL | Metro: Grundy County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $2,100 |
| 5 Bedrooms | $2,436 |
| 6 Bedrooms | $2,728 |
| 7 Bedrooms | $2,946 |
| 8 Bedrooms | $3,093 |
U.S. Census Bureau data (2024)
ZIP 60444, located in Grundy County, IL within the HUD Metro FMR Area, serves as a cash-flow anchor in a Section 8 portfolio strategy. The Family Monthly Rent (FMR) for fiscal year 2024 is set at $1320, which is significantly higher than the market rent of $992. This spread ensures that landlords receive above-market rental income, providing a stable and predictable cash flow.
The median home value in ZIP 60444 is $273,724, indicating a relatively modest housing market compared to more urbanized areas. However, the median income of $87,614 suggests that residents have sufficient financial capacity to support rental payments, even if they require assistance through the Section 8 program. This balance between moderate property values and adequate income levels makes the area attractive for landlords seeking steady returns.
Despite the opportunity for strong cash flow, the ZIP code's 14.5% renter share indicates a smaller pool of potential tenants relative to owner-occupied homes. This characteristic does not detract from its role as a cash-flow anchor but does mean that landlords should be prepared for slower turnover rates and possibly fewer new applicants than in areas with a higher renter share.
In conclusion, ZIP 60444 is best categorized as a cash-flow anchor due to the favorable spread between the FMR and market rents. Landlords can expect consistent income with minimal risk of vacancy, making it an ideal component for a diversified Section 8 investment strategy.
Data Sources: FMR data from HUD (2027). 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.