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 | $1,680 |
| 1 Bedroom | $1,780 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,580 |
| 4 Bedrooms | $2,950 |
| 5 Bedrooms | $3,422 |
| 6 Bedrooms | $3,833 |
| 7 Bedrooms | $4,140 |
| 8 Bedrooms | $4,347 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,010 | $285,768 | 0.7% | D |
| 3BR | $2,580 | $396,554 | 0.65% | D |
| 4BR | $2,950 | $583,580 | 0.51% | F |
| 5BR | $3,422 | $736,323 | 0.46% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 60480, located in the Willow Springs, IL area within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area, does not align favorably. The Federal Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1720. However, the market rent, as reported by the Census ACS, stands at $1,463. This discrepancy means that landlords operating under the Section 8 program will face challenges in covering their costs if they must adhere to the lower market rents.
Regarding acquisition affordability, the median home value in ZIP 60480 is $377,102. While this figure represents the typical cost of purchasing a property in the area, the lack of data on Days on Market (DOM) and the percentage of homes requiring price cuts suggests that the market dynamics are unclear. Without these metrics, it's difficult to gauge how easily properties can be acquired or resold.
Tenant demand is present but limited. With a total population of 5,388, the renter share is 16.8%. This indicates that approximately 900 residents are potential renters. However, given the size of the population, the number of likely Section 8 tenants may be insufficient to sustain high occupancy rates, especially if competition among landlords is fierce.
In summary, while there is some tenant demand in ZIP 60480, the rent math does not work in favor of landlords due to the disparity between the FMR and market rent. Acquisition appears costly without clear indicators of market liquidity. Landlords and small-portfolio investors should proceed with caution, carefully evaluating the local rental market and the specific needs of potential Section 8 tenants before committing to investments in this area.
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.