Location: Kendall County, IL | Metro: Grundy County, 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 | $1,280 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,850 |
| 3 Bedrooms | $2,540 |
| 4 Bedrooms | $2,630 |
| 5 Bedrooms | $3,051 |
| 6 Bedrooms | $3,417 |
| 7 Bedrooms | $3,690 |
| 8 Bedrooms | $3,875 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,850 | $216,082 | 0.86% | C |
| 3BR | $2,540 | $303,325 | 0.84% | C |
| 4BR | $2,630 | $397,559 | 0.66% | D |
| 5BR | $3,051 | $481,350 | 0.63% | D |
U.S. Census Bureau data (2024)
The ZIP code 60450, located in Morris, IL, is situated within the broader Kendall County, IL HUD Metro FMR Area. For fiscal year 2024, the Fair Market Rent (FMR) for ZIP 60450 is set at $1,440, which is higher than the average market rent of $1,362. This suggests that the rental pricing in 60450 is slightly above what the typical landlord might expect to charge in the area.
The median home value in ZIP 60450 stands at $307,929, indicating that it is within the range of affordability for many potential homeowners. However, with a 35.1% renter share, it is clear that a significant portion of the population prefers renting over owning. This percentage is notably high compared to the national average, which can be an indicator of a strong rental market.
To determine whether ZIP 60450 is a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we must consider the relationship between its FMR, market rent, and home values. Given that the FMR is slightly higher than the market rent, but the home values are relatively moderate, it suggests that 60450 is likely a mid-tier neighborhood within the Kendall County, IL HUD Metro FMR Area. The higher renter share combined with below-metro average home values indicates a balanced environment where both rental and ownership options are viable, but renting remains popular.
A high renter share with below-metro home values can indeed signal a Section 8 sweet spot. Landlords and small-portfolio investors should take note of the strong demand for rentals in 60450, as it aligns well with the financial assistance available through the Section 8 program. This makes it a favorable location for those looking to invest in properties that cater to renters who benefit from government subsidies.
In summary, ZIP 60450 presents a solid investment opportunity for landlords and small-portfolio investors due to its above-average FMR and high renter share. The median home value of $307,929 supports a diverse housing market, making it a mid-tier neighborhood within the larger Kendall County, IL HUD Metro FMR Area.
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.