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 | $1,280 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,250 |
| 5 Bedrooms | $2,610 |
| 6 Bedrooms | $2,923 |
| 7 Bedrooms | $3,157 |
| 8 Bedrooms | $3,315 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,530 | $237,847 | 0.64% | D |
| 3BR | $1,970 | $284,208 | 0.69% | D |
| 4BR | $2,250 | $316,858 | 0.71% | D |
| 5BR | $2,610 | $350,865 | 0.74% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP 60501, Summit, IL, does not favor landlords. The Fair Market Rent (FMR) set at $1,270 for fiscal year 2024 is higher than the reported market rent of $1,142 based on Census ACS data. This discrepancy suggests that landlords may struggle to attract tenants willing to pay the higher FMR rate.
Acquisition of properties in this area remains feasible, given the median home value stands at $267,872. However, the lack of available data regarding days on the market (DOM) and the percentage of homes that required price cuts indicates an incomplete picture. To make a fully informed decision, landlords should seek additional local real estate trends to assess the current buying climate.
Tenant demand in ZIP 60501 is present but not overwhelming. With a total population of 11,432, approximately 37.8% are renters. This translates to around 4,322 potential tenants, a figure that supports rental activities but does not guarantee high occupancy rates without competitive pricing and amenities.
In conclusion, while there is a tenant base in ZIP 60501, the rent math does not align favorably with market realities. Landlords must carefully consider setting rents below the FMR to match the $1,142 market rate to ensure occupancy. Additionally, the median home value of $267,872 makes property acquisition reasonable, yet the absence of DOM and price cut data complicates the assessment of the buying market. Given these factors, landlords should proceed with caution and focus on offering competitive rentals to meet the existing demand of approximately 37.8% renters in 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.