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 | $1,890 |
| 1 Bedroom | $2,000 |
| 2 Bedrooms | $2,260 |
| 3 Bedrooms | $2,910 |
| 4 Bedrooms | $3,320 |
| 5 Bedrooms | $3,851 |
| 6 Bedrooms | $4,313 |
| 7 Bedrooms | $4,658 |
| 8 Bedrooms | $4,891 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,910 | $190,041 | 1.53% | A+ |
| 4BR | $3,320 | $261,792 | 1.27% | A |
U.S. Census Bureau data (2024)
The ZIP code 60484 is situated in a suburban area characterized by a relatively small population of 6,762 residents. The rental market here is significant, with 33.4% of the population being renters, indicating a steady demand for rental properties. The median income in this ZIP code stands at $73,266, which is higher than the national average, suggesting a generally affluent community. This affluence is further reflected in the median home value of $184,205, indicating that homeownership is both desirable and attainable for many residents.
Transitioning to the specifics of the rent economics, the Fair Market Rent (FMR) for ZIP 60484 as of the fiscal year 2024 is set at $1,460. In contrast, the market rent as per the Census American Community Survey (ACS) is $1,686. This discrepancy highlights an opportunity for landlords who can leverage the higher market rents while still benefiting from the government's FMR guidelines for Section 8 tenants. The gap between the FMR and the market rent suggests a potential for modest profit margins when managing Section 8 properties in this area.
Given these factors, ZIP 60484 would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stable rental market and proximity to the FMR make it a reliable investment with less risk. However, for value-add buyers looking to maximize returns, the higher market rent provides a chance to improve property values and rents through strategic upgrades and management practices. The key is understanding the local dynamics and balancing the need for affordable housing with the economic realities of the 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.