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 | $1,460 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $1,750 |
| 3 Bedrooms | $2,250 |
| 4 Bedrooms | $2,570 |
| 5 Bedrooms | $2,981 |
| 6 Bedrooms | $3,339 |
| 7 Bedrooms | $3,606 |
| 8 Bedrooms | $3,786 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,750 | $234,556 | 0.75% | D |
| 3BR | $2,250 | $308,751 | 0.73% | D |
| 4BR | $2,570 | $367,743 | 0.7% | D |
| 5BR | $2,981 | $400,032 | 0.75% | D |
U.S. Census Bureau data (2024)
Burbank, IL, ZIP code 60459, is characterized by a relatively modest population size of 28,739 residents. The neighborhood has a low rental rate at 19.1%, indicating that it is primarily composed of homeowners rather than tenants. The median household income in this area stands at $80,116, which is above the national average, suggesting a financially stable community. The median home value is $302,213, reflecting a middle-class residential area where property values are solid but not exorbitant.
When examining the rent economics of ZIP 60459, the Fair Market Rent (FMR) set by HUD for fiscal year 2024 is $1,610. This figure represents the maximum amount that a landlord can charge for a voucher-covered unit under the Section 8 program. In contrast, the market rent for the area, as reported by the Census Bureau's American Community Survey (ACS), is $1,265. This indicates that there is a potential gap between the FMR and the actual market rent, which could be advantageous for landlords participating in the Section 8 program.
The practical implications for investors are clear. For those seeking a hands-off approach to managing their investment properties, ZIP 60459 presents a viable option due to its stable economic indicators and the potential for receiving rents slightly above market rates through the Section 8 program. However, for hands-on investors looking to add value to their properties, the lower market rent suggests an opportunity to increase property values and rents over time, especially if they can improve the quality and appeal of the units they manage.
In summary, ZIP 60459 offers a balanced environment for both types of investors. Landlords who prefer minimal involvement can benefit from the financial security offered by the Section 8 program, while value-add buyers have room to enhance their properties and potentially capitalize on the difference between FMR and market rent.
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.