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 | $2,520 |
| 1 Bedroom | $2,670 |
| 2 Bedrooms | $3,020 |
| 3 Bedrooms | $3,880 |
| 4 Bedrooms | $4,440 |
| 5 Bedrooms | $5,150 |
| 6 Bedrooms | $5,768 |
| 7 Bedrooms | $6,229 |
| 8 Bedrooms | $6,540 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,670 | $280,611 | 0.95% | C |
| 2BR | $3,020 | $538,847 | 0.56% | F |
| 3BR | $3,880 | $864,012 | 0.45% | F |
| 4BR | $4,440 | $1,340,645 | 0.33% | F |
| 5BR | $5,150 | $2,215,003 | 0.23% | F |
U.S. Census Bureau data (2024)
Chicago’s 60657 ZIP code, encompassing the vibrant Lakeview and Wrigleyville areas, is one of the city’s most dynamic rental markets. Known for its historic greystone architecture and bustling nightlife centered around Wrigley Field, the neighborhood offers an urban lifestyle that appeals heavily to young professionals. The local economy is robust, supported by major institutions such as Illinois Masonic Medical Center, which serves as a significant employer and stabilizer for the tenant base.
Financially, 60657 presents a complex landscape for Section 8 investors. The HUD SAFMR for a 2-bedroom unit is set at $2,570, yet current market rents (Zillow ZORI) sit lower at $2,413, resulting in a negative gap of $157 where vouchers exceed market averages. However, investors must weigh this against a steep median home value of $509,055 and a median 2BR sale price of $503,424. With properties moving off the market in a median of 43 days, inventory is relatively tight, suggesting strong underlying demand despite the high entry cost.
The tenant pool here is substantial, with a renter share of 62.5% and a median household income of $110,939. While the income level is high, the prevalence of renting ensures consistent demand. The neighborhood’s attractiveness is bolstered by access to highly-rated public schools like Blaine Elementary and the Lakeview High School campus, along with extensive CTA transit connectivity via the Red and Brown lines, making it a magnet for families and workers seeking convenience without homeownership.
The Section 8 verdict for 60657 leans toward stability and appreciation rather than pure cashflow. The $157 gap between the 2BR SAFMR ($2,570) and market rent ($2,413) indicates that vouchers may price out standard market units, but the high median income and institutional employers provide a safety net. For investors with the capital to handle the $509,055 median price point, the primary win is long-term asset appreciation in a neighborhood where days on market remain competitive at 43.
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.