Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,640 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,530 |
| 4 Bedrooms | $2,890 |
| 5 Bedrooms | $3,352 |
| 6 Bedrooms | $3,754 |
| 7 Bedrooms | $4,054 |
| 8 Bedrooms | $4,257 |
U.S. Census Bureau data (2024)
The classification of ZIP 60487, Tinley Park, IL, on the axes of yield and stability reveals a market that leans towards steady cash flow rather than high yield/low stability.
On the yield axis, the Fair Market Rent (FMR) for ZIP 60487 in fiscal year 2024 is set at $1,660. This is higher than the market rent of $1,369 but significantly lower than the median home value of $387,328. The discrepancy between FMR and market rent suggests that there is a potential for slightly above-average returns when compared to the broader market, yet the relatively low rental rates compared to home values indicate that this area is not a high-yield market.
Moving to the stability axis, the market shows signs of moderate stability. With only 7.0% of the population being renters, the demand for rental properties is limited, which could lead to occasional challenges in maintaining occupancy. However, the 15-day days-on-market (DOM) figure indicates that properties are generally rented out quickly once they become available, suggesting a healthy turnover rate. Additionally, the median household income of $131,793 provides assurance that tenants have the financial capacity to meet their rent obligations, contributing to overall stability.
Given these figures, ZIP 60487 is best classified as a steady-cashflow zone. While it offers opportunities for modestly higher-than-market yields through Section 8 contracts, the relatively stable tenant base and quick property turnovers suggest a reliable income stream with manageable risk. Landlords and small-portfolio investors should expect consistent, if not exceptionally high, returns on investment in this area.
Data Sources: FMR data from HUD (2027). 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.