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 | $1,950 |
| 1 Bedroom | $2,070 |
| 2 Bedrooms | $2,340 |
| 3 Bedrooms | $3,010 |
| 4 Bedrooms | $3,440 |
| 5 Bedrooms | $3,990 |
| 6 Bedrooms | $4,469 |
| 7 Bedrooms | $4,827 |
| 8 Bedrooms | $5,068 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,340 | $370,136 | 0.63% | D |
| 3BR | $3,010 | $483,433 | 0.62% | D |
| 4BR | $3,440 | $564,570 | 0.61% | D |
| 5BR | $3,990 | $660,087 | 0.6% | D |
U.S. Census Bureau data (2024)
ZIP code 60491, located in Homer Glen, IL, is part of the larger Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $2440. This figure represents the upper limit for what a household participating in the Section 8 housing choice voucher program can be expected to pay.
The market rent in ZIP 60491 is $1,823, which is lower than the FMR. This indicates that landlords in this area could potentially offer rents slightly below the FMR and still remain competitive within the local rental market. The median home value stands at $501,809, suggesting that this area is moderately priced compared to other ZIP codes within the metro.
With a renter share of 5.2%, ZIP 60491 has a relatively low proportion of renters compared to homeowners. This characteristic diverges from areas within the same metro that might have higher renter shares and lower home values, which would typically signal a more attractive market for Section 8 participants.
To contextualize these figures, consider the broader Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Typically, ZIP codes within this area exhibit a wide range of FMRs, market rents, and home values. However, the specific comparison to typical ZIP codes requires data that is not provided here. Based on the available data, ZIP 60491 appears to be neither a value pocket nor a premium sub-market but rather a mid-tier neighborhood.
The low renter share combined with above-average home values suggests that this area is not a prime target for Section 8 households looking for affordable rentals. Landlords in Homer Glen should consider the potential for attracting Section 8 tenants who may find the local rents more affordable relative to the FMR, although the overall appeal to such tenants may be limited due to the higher-than-average home values and lower renter population.
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.