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 | $1,340 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,070 | $185,879 | 1.11% | B |
| 4BR | $2,360 | $215,638 | 1.09% | B |
U.S. Census Bureau data (2024)
To effectively integrate ZIP 60476 into a Section 8 portfolio strategy, it's crucial to understand its financial metrics and how they align with investment goals. This ZIP code falls within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area, which is known for its diverse economic landscape.
The Fair Market Rent (FMR) for ZIP 60476 in fiscal year 2024 is set at $1490. In contrast, the current market rent stands at $1,107, indicating that properties in this area can potentially serve as a cash-flow anchor within a Section 8 portfolio. The spread between the FMR and market rent suggests a significant opportunity for landlords to achieve positive cash flow on their investments. By leveraging this difference, landlords can ensure steady income even when dealing with the subsidized rental rates associated with Section 8 tenants.
The median home value in ZIP 60476 is $176,217. While this figure might seem lower compared to some other areas within the Chicago metropolitan region, it underscores the affordability of the housing market here. Landlords can acquire properties at a reasonable cost, which, combined with the higher FMR, can result in a solid return on investment. Additionally, the median income of $59,647 in the area indicates a stable tenant base, likely to meet their obligations under the Section 8 program.
The 20.4% renter share highlights that a significant portion of the population in ZIP 60476 relies on rental housing. This statistic supports the idea of using this ZIP code as a diversifier within a broader Section 8 portfolio. Diversification helps mitigate risks associated with market volatility and ensures a steady stream of income across different types of properties and locations.
Given these factors, ZIP 60476 should primarily be viewed as a cash-flow anchor. The substantial gap between the HUD-set FMR and the actual market rent allows landlords to generate reliable income while maintaining affordable housing options for low-income families. This strategic positioning can help landlords build a robust portfolio capable of weathering economic downturns and providing consistent returns over time.
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.