Location: Kendall County, 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 | $1,890 |
| 1 Bedroom | $1,930 |
| 2 Bedrooms | $2,410 |
| 3 Bedrooms | $3,120 |
| 4 Bedrooms | $3,400 |
| 5 Bedrooms | $3,944 |
| 6 Bedrooms | $4,417 |
| 7 Bedrooms | $4,770 |
| 8 Bedrooms | $5,009 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,410 | $273,491 | 0.88% | C |
| 3BR | $3,120 | $318,032 | 0.98% | C |
| 4BR | $3,400 | $419,847 | 0.81% | C |
| 5BR | $3,944 | $447,587 | 0.88% | C |
U.S. Census Bureau data (2024)
The ZIP code 60538, located in Oswego, IL, presents a balanced rental market with slight indications of supply slightly outpacing demand. The Fair Market Rent (FMR) for ZIP 60538 stands at $1870 for fiscal year 2024, while the market rent as per the Census American Community Survey (ACS) is $1,858. This close alignment between FMR and market rent suggests that the rental prices are relatively stable and reflective of the actual market conditions.
A key indicator of market dynamics is the price-cut share, which in this case is 0.2%. This low figure implies that landlords are generally not having to lower their rents significantly to attract tenants, indicating a reasonable level of demand. However, the Days on Market (DOM) figure of 16 days suggests that homes are moving relatively quickly once they are listed, which could be interpreted as either strong demand or an ample supply of available units.
The median home value in ZIP 60538 is $326,738, providing a benchmark for property values in the area. This median value can help investors understand the general cost of properties and potentially predict the affordability of the area for potential buyers.
With a 18.7% renter share, the long-term housing pressure in Oswego, IL, leans towards a moderate level of rental demand. A higher renter share often indicates greater long-term housing pressure, as it suggests a larger portion of the population is renting rather than owning. This can create sustained demand for rental properties, which is beneficial for landlords and small-portfolio investors. However, the relatively low renter share here signals that there is also a significant owner-occupied segment, which may temper overall rental demand.
In summary, the rental market in ZIP 60538 appears to be stable, with a slight indication of supply outpacing demand. The low price-cut share and quick DOM suggest a healthy turnover rate for rentals, while the median home value offers insight into the broader real estate landscape. The moderate renter share points to a steady but not overwhelming demand for rental properties, making it a viable market for those looking to invest in rental properties without the risk of over-saturation.
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.