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 | $1,690 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $2,030 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,610 | $127,260 | 2.05% | A+ |
U.S. Census Bureau data (2024)
41.0% of residents in ZIP 60472 are renters, indicating a strong demand for rental properties in the area. This statistic is further supported by the $1,553 market rent reported by the Census ACS, which is higher than the Fair Market Rent (FMR) of $1460 set for zip FY 2024. The discrepancy between these two figures suggests that landlords can charge above the FMR without significantly impacting occupancy rates.
$109,815 is the median home value in ZIP 60472, which is relatively low compared to many surrounding areas. This makes it an attractive option for first-time buyers and investors looking to purchase properties at a lower cost while still benefiting from rental demand. However, the median income of $40,668 in the area indicates that affordability could be a concern for potential tenants, making Section 8 housing assistance a viable option for securing stable tenancy.
N/A-day DOM and N/A% price-cut share suggest that there isn't enough recent data to provide insights on how long homes stay on the market or the frequency of price reductions. Despite this lack of detailed transactional data, the overall economic indicators point towards a market where rental income is likely to be steady, given the high renter share and reasonable market rents.
In conclusion, the combination of a 41.0% renter share, a $1,553 market rent, and a median home value of $109,815, along with the lower median income of $40,668, makes ZIP 60472 a suitable location for Section 8 investments. The program can help bridge the gap between affordable housing and market rents, ensuring a consistent stream of rental income for landlords and small-portfolio investors.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.