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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,820 | $203,055 | 0.9% | C |
| 3BR | $2,340 | $312,071 | 0.75% | D |
| 4BR | $2,670 | $367,006 | 0.73% | D |
| 5BR | $3,097 | $393,344 | 0.79% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 60452, located in Oak Forest, IL, within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area, reveals several key insights for landlords and small-portfolio investors.
The rent math does not work in favor of the federal guidelines. The Fair Market Rent (FMR) set at $1550 for the fiscal year 2024 is significantly below the market rent, which stands at $1,802 according to ZORI. This indicates that landlords might struggle to cover costs if they adhere strictly to the FMR, as the market rate is nearly $250 higher per month.
Acquisition is relatively affordable in this area. With a median home value of $287,162, potential investors can enter the market without facing excessively high barriers. Additionally, the average number of days on the market (DOM) is only 15, suggesting that homes are selling quickly once listed. The low price-cut share of 0.2% further supports the notion that the market is stable and homes are generally priced correctly.
Tenant demand is moderate. The ZIP code has a total population of 26,739, with 17.6% being renters. This translates to approximately 4,700 renters in the area, providing a reasonable pool of potential tenants. However, the relatively low renter share suggests that competition for tenants could be stiff, especially when compared against other investment opportunities where the renter share is higher.
In conclusion, while the rent math does not align well with federal guidelines, making it challenging to operate within those constraints, the acquisition costs remain within an acceptable range for most investors. The quick turnover and stable pricing of homes indicate a healthy local real estate market. However, the moderate tenant demand implies that landlords must be prepared to compete for renters. Given these factors, ZIP 60452 presents a viable but competitive investment opportunity for those willing to navigate the gap between FMR and market rents.
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.