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 | $1,860 |
| 1 Bedroom | $1,970 |
| 2 Bedrooms | $2,230 |
| 3 Bedrooms | $2,870 |
| 4 Bedrooms | $3,280 |
| 5 Bedrooms | $3,805 |
| 6 Bedrooms | $4,262 |
| 7 Bedrooms | $4,603 |
| 8 Bedrooms | $4,833 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,970 | $189,052 | 1.04% | B |
| 2BR | $2,230 | $293,098 | 0.76% | D |
| 3BR | $2,870 | $421,755 | 0.68% | D |
| 4BR | $3,280 | $613,034 | 0.54% | F |
| 5BR | $3,805 | $869,640 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 60559, located in Westmont, IL, presents a dynamic rental market that is currently balanced but leans towards favoring landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area, set at $1790 for the fiscal year 2024, closely aligns with the market rent of $1,867 as indicated by ZORI. This suggests that the rental rates are reflective of the true market value, providing a stable income for property owners.
A key indicator of market health is the low price-cut share of 0.2%, which implies that landlords rarely need to reduce rents to attract tenants. Coupled with a short 7-day days on market (DOM), this indicates a robust demand for rental properties in Westmont. Tenants are finding homes quickly, and landlords are maintaining their pricing without significant adjustments.
The median home value in Westmont stands at $398,646, which is a substantial figure. This high median value can contribute to long-term housing pressure, especially when considering that 41.0% of residents are renters. With such a significant portion of the population renting, there is an ongoing need for affordable housing options, which can create sustained demand for rental properties. This demand is likely to continue, given the high cost of homeownership relative to the average income levels in the area.
The snapshot of the market in ZIP 60559 reveals that demand for rentals is strong, and the market is moving efficiently. Landlords can expect steady rental incomes with minimal need to adjust their rates. For small-portfolio investors, this represents a solid investment opportunity, as the market shows signs of resilience and a favorable balance between supply and demand.
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.