Location: Kendall 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 | $1,520 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,710 |
| 4 Bedrooms | $3,090 |
| 5 Bedrooms | $3,584 |
| 6 Bedrooms | $4,014 |
| 7 Bedrooms | $4,335 |
| 8 Bedrooms | $4,552 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,010 | $250,985 | 0.8% | C |
| 3BR | $2,710 | $338,870 | 0.8% | D |
| 4BR | $3,090 | $410,395 | 0.75% | D |
| 5BR | $3,584 | $468,916 | 0.76% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP 60447, located in Minooka, IL within the HUD Metro FMR Area of Kendall County, reveals key insights for landlords and small-portfolio investors.
First, does the rent math work? The Fair Market Rent (FMR) for ZIP 60447 as of fiscal year 2024 is set at $2020. However, the Census ACS reports the market rent at $1434. This indicates that the rent math does not align favorably with the FMR, suggesting that landlords might need to adjust their expectations or strategies to remain competitive in this market.
Second, is acquisition affordable? The median home value in ZIP 60447 is $364,222, which presents a moderate barrier to entry for potential acquisitions. Given that the data on days on market (DOM) is not available and only 0.2% of homes are subject to price cuts, it suggests that the real estate market in this area is relatively stable. Landlords should be prepared to invest a significant amount upfront but can expect steady property values without frequent fluctuations.
Third, is there tenant demand? With a population of 16,102 and a renter share of 11.7%, the demand for rental properties is modest. While the number of renters is not exceptionally high, it still represents a notable segment of the local housing market. Landlords should consider the size and characteristics of the rental pool when evaluating potential returns and occupancy rates.
Verdict: The rent math in ZIP 60447 does not work well in favor of landlords due to the discrepancy between FMR and market rent. Acquisition is moderately affordable with a stable market, but the cost of entry is high. Tenant demand is present but limited, indicating a niche market opportunity. Landlords and small-portfolio investors should carefully assess these factors before committing resources to this area, focusing on efficient property management and competitive pricing strategies to maximize profitability.
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.