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 | $2,260 |
| 1 Bedroom | $2,400 |
| 2 Bedrooms | $2,710 |
| 3 Bedrooms | $3,490 |
| 4 Bedrooms | $3,980 |
| 5 Bedrooms | $4,617 |
| 6 Bedrooms | $5,171 |
| 7 Bedrooms | $5,585 |
| 8 Bedrooms | $5,864 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,710 | $499,901 | 0.54% | F |
| 3BR | $3,490 | $698,164 | 0.5% | F |
| 4BR | $3,980 | $1,037,176 | 0.38% | F |
| 5BR | $4,617 | $1,528,830 | 0.3% | F |
U.S. Census Bureau data (2024)
ZIP code 60558, located in Western Springs, IL, falls within the broader Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $2,570, which is notably higher than the average market rent of $2,006 observed in the area. This indicates that properties in 60558 are priced above the typical market rates for the region.
The median home value in 60558 stands at $865,154, placing it firmly in the premium sub-market segment compared to other ZIP codes within the metro area. This high valuation suggests that the area is likely to attract higher-income residents and investors looking for prime real estate opportunities.
Despite its premium status, the renter share in 60558 is relatively low at 4.4%. This contrasts sharply with areas where a higher renter share might suggest a greater demand for rental properties, potentially making them more attractive for Section 8 programs. The low renter share implies that most homes are owner-occupied, reducing the likelihood of 60558 being a primary target for Section 8 housing incentives.
In summary, ZIP code 60558 is positioned as a premium sub-market within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. It commands higher rents and home values than the average ZIP code in the region. However, its low renter share makes it less appealing for landlords seeking to benefit from Section 8 programs, as there is less demand for rentals relative to other areas in the metro.
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.