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 | $1,640 |
| 1 Bedroom | $1,730 |
| 2 Bedrooms | $1,960 |
| 3 Bedrooms | $2,520 |
| 4 Bedrooms | $2,880 |
| 5 Bedrooms | $3,341 |
| 6 Bedrooms | $3,742 |
| 7 Bedrooms | $4,041 |
| 8 Bedrooms | $4,243 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,730 | $164,311 | 1.05% | B |
| 2BR | $1,960 | $292,613 | 0.67% | D |
| 3BR | $2,520 | $447,976 | 0.56% | F |
| 4BR | $2,880 | $535,526 | 0.54% | F |
| 5BR | $3,341 | $635,204 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 60656 in Chicago, IL, has a population of 29,538, with 35.8% of residents being renters. This indicates that it is a moderately renter-heavy area, though not overwhelmingly so. The median household income stands at $95,766, which provides some context when evaluating the rental market.
The typical market rent in this area is $1,646 per month. To understand how this fits into the local economy, we can calculate the percentage of median income that goes towards rent. In this case, the average rent consumes approximately 17.2% of the median household income. This suggests that while rent is a significant expense, it is manageable for most households given their income levels.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,710 for FY 2024, shows that the market rent is slightly below the FMR. This means that landlords could potentially increase rents to align with the FMR without losing tenants due to affordability concerns.
Given these figures, landlords in ZIP 60656 should expect tenants who are capable of paying market rates but also have an interest in maximizing their housing budget. These tenants are likely to be a mix of young professionals, families, and individuals seeking affordable housing options within a high-rent district. They will appreciate well-maintained properties and may be particularly interested in units that offer additional amenities or are in prime locations.
Furthermore, the presence of Section 8 vouchers in this area can be inferred from the renter-heavy nature of the population. However, since the median income is relatively high, the depth of voucher demand might be less pronounced compared to areas with lower incomes. Landlords should still consider accepting vouchers as they can attract stable tenants who can afford the rent through government assistance.
In summary, ZIP 60656 presents a balanced opportunity for landlords. While the area is not dominated by homeowners, there is a substantial renter base with enough income to support market rents. The typical tenant here would be someone who values their living space and is willing to pay a premium for quality, but also seeks to stretch their budget as far as possible.
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.