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 | $1,630 |
| 1 Bedroom | $1,730 |
| 2 Bedrooms | $1,950 |
| 3 Bedrooms | $2,510 |
| 4 Bedrooms | $2,860 |
| 5 Bedrooms | $3,318 |
| 6 Bedrooms | $3,716 |
| 7 Bedrooms | $4,013 |
| 8 Bedrooms | $4,214 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,950 | $311,825 | 0.63% | D |
| 3BR | $2,510 | $388,689 | 0.65% | D |
| 4BR | $2,860 | $543,891 | 0.53% | F |
| 5BR | $3,318 | $669,501 | 0.5% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 60448, Mokena, IL, does not favor landlords. The Fair Market Rent (FMR) set at $1770 for fiscal year 2024 contrasts sharply with the actual market rent of $1,259 based on Census ACS data. This discrepancy suggests that properties priced at the FMR level may struggle to attract tenants willing to pay above the market rate.
Acquisition in this area remains affordable for potential investors. With a median home value of $437,946, coupled with a relatively quick 21-day Days on Market (DOM) and only a 0.2% share of homes experiencing price cuts, the real estate market signals stability and affordability. These factors indicate that purchasing homes in Mokena is feasible without significant financial risk.
Tenant demand in ZIP 60448 is moderate. The area has a total population of 24,405, with 8.5% of residents being renters. This percentage translates to approximately 2,073 rental units needed, suggesting a steady but not overwhelming demand for rental properties.
Verdict: While the acquisition of properties in Mokena, IL, is financially reasonable given the median home values and market conditions, the rent math poses a challenge due to the substantial gap between FMR and market rates. Tenant demand exists but is limited, which means landlords must carefully price their rentals to stay competitive. In conclusion, investors should focus on pricing strategies that align with the market to ensure occupancy and 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.