Location: Lee County, IL | Metro: DeKalb County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
U.S. Census Bureau data (2024)
The ZIP code 60530 represents a suburban neighborhood characterized by a relatively small population of 992 residents. Only 10.0% of the residents are renters, indicating a primarily owner-occupied area. The median household income stands at a robust $96,250, placing it well above the national average. Median home values in the area are also high, sitting at $250,357. This suggests a stable, middle-class community where homeownership is the norm.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 60530 as set by HUD for fiscal year 2024 is $1,260. In comparison, the Census Bureau's American Community Survey (ACS) estimates the market rent at $1,188. The FMR is designed to ensure affordability for low-income families while providing a fair rate for landlords. Given that the FMR slightly exceeds the market rent, landlords participating in the Section 8 program can expect a modest premium over typical market rates, ensuring a steady and predictable income stream.
The question then becomes whether this ZIP code is suitable for a hands-off voucher operator or requires a more hands-on approach. Due to the high median income and home values, the demand for subsidized housing may be lower compared to areas with greater economic disparity. However, the slight premium offered by the FMR over market rents makes it an attractive option for landlords seeking consistent returns without the need for active property management. For value-add buyers looking to renovate and increase rents, the existing gap between FMR and market rent leaves room for potential upside, though it will require a deeper understanding of local market dynamics and tenant needs.
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.