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 | $2,000 |
| 1 Bedroom | $2,140 |
| 2 Bedrooms | $2,410 |
| 3 Bedrooms | $3,100 |
| 4 Bedrooms | $3,590 |
| 5 Bedrooms | $4,164 |
| 6 Bedrooms | $4,664 |
| 7 Bedrooms | $5,037 |
| 8 Bedrooms | $5,289 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,100 | $306,257 | 1.01% | B |
| 4BR | $3,590 | $359,995 | 1% | C |
| 5BR | $4,164 | $424,789 | 0.98% | C |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP code 60461 reveals several key points that impact investment decisions. The HUD Fair Market Rent (FMR) for ZIP 60461 is set at $2,570 for the fiscal year 2024. In comparison, the market rent as reported by the Census ACS is significantly higher at $3,501. This substantial gap means that voucher tenants will generally cashflow at FMR levels, though with a considerable shortfall compared to market rates.
To understand the financial implications better, consider the median home value in ZIP 60461, which stands at $329,134. Based on this figure, the rent-to-price ratio can be calculated to provide insight into the relative affordability of rental properties versus home purchases. With an average market rent of $3,501, the annual rent would be approximately $42,012. Dividing this by the median home value gives a rent-to-price ratio of about 12.76%, indicating that rental income is a significant portion of the potential property value.
The dynamics between renting and buying in this area do not show any immediate need for price adjustments, as there is no data available on the median Days on Market (DOM) or the percentage of price cuts shared among listings. However, the current market conditions suggest that landlords can expect stable demand for rental properties, especially those that fall under the HUD FMR guidelines.
The strongest investor angle in ZIP 60461 is stability. Given the consistent demand for affordable housing and the established gap between market rents and HUD FMRs, investors can rely on steady cashflow from voucher tenants while also benefiting from the long-term stability of the real estate market in this 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.