Location: La Salle County, IL | Metro: DeKalb County, 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 | $1,140 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $2,130 |
| 4 Bedrooms | $2,610 |
| 5 Bedrooms | $3,028 |
| 6 Bedrooms | $3,391 |
| 7 Bedrooms | $3,662 |
| 8 Bedrooms | $3,845 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,130 | $275,517 | 0.77% | D |
U.S. Census Bureau data (2024)
The skeptical investor might question whether the Fair Market Rent (FMR) of $1,800 for ZIP 60531 in fiscal year 2024 will sufficiently cover the mortgage on a home priced at $277,713. However, the FMR is designed to reflect the 40th percentile of market rents for standard-quality rental units, ensuring that it represents a reasonable figure for most housing markets. While the FMR does not guarantee full coverage of a mortgage, it is a critical benchmark for assessing the financial viability of rental investments.
A second objection could be raised regarding the renter demand percentage in ZIP 60531, which stands at 30.4%. This figure suggests that a significant portion of households are owner-occupied, either with a mortgage or free and clear. According to the data, only about 30% of households in the area are renter-occupied. This lower percentage could indicate a smaller pool of potential tenants, but it also means that the competition among landlords might be less intense, potentially allowing for better tenant selection and stability.
The third concern revolves around whether Section 8 vouchers will keep pace with market rents of $1,690. The Housing Choice Voucher (HCV) program's utilization rates vary widely by region and zip code, and specific data for ZIP 60531 is not readily available. However, the overall trend suggests that voucher utilization rates are generally stable and that the program aims to adjust its funding to meet the needs of eligible families. This adjustment ensures that voucher holders can find suitable housing within the fair market rent limits.
Despite these concerns, the data indicates that ZIP 60531 remains a viable investment opportunity for those interested in Section 8 properties. The FMR is set to ensure that it covers a substantial portion of the housing costs, and the voucher program is structured to support renters in finding appropriate housing. While the renter demand percentage is relatively low, this could be offset by the stability and predictability of government-backed rental assistance.
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.