Location: Livingston County, IL | Metro: Ford County, 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 | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,240 |
| 5 Bedrooms | $1,438 |
| 6 Bedrooms | $1,611 |
| 7 Bedrooms | $1,740 |
| 8 Bedrooms | $1,827 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $930 | $90,861 | 1.02% | B |
| 3BR | $1,150 | $134,600 | 0.85% | C |
| 4BR | $1,240 | $157,052 | 0.79% | D |
U.S. Census Bureau data (2024)
Chatsworth, IL, located in ZIP code 60921, is a small suburban community with a total population of 1,458 residents. Only 25.4% of the residents are renters, indicating a predominantly owner-occupied area. The median household income stands at $78,333, which is relatively high, suggesting a middle-class community. However, the median home value is notably lower at $104,091, hinting at affordable housing options despite the higher income levels.
Moving into the economic dynamics of renting, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920. In contrast, the current market rent, as per the latest Census American Community Survey (ACS), is $733. This discrepancy between FMR and market rent presents an opportunity for landlords who can leverage the higher FMR rates through participation in the Section 8 program, thus potentially increasing their rental income above the local market rate.
The suitability of ZIP 60921 for different types of investors depends on their investment strategy. For a hands-off voucher operator, the area's low percentage of renters might pose a challenge in finding enough tenants to fill properties. Additionally, the gap between FMR and market rent could be significant, requiring careful management to ensure compliance and maintain the property's value. On the other hand, for a hands-on value-add buyer, the lower median home value offers potential for property improvements that can increase rental yields beyond the current market average. These investors can take advantage of the higher FMR rates while also benefiting from the community's middle-income status, which supports demand for improved living conditions.
In summary, Chatsworth, IL, in ZIP 60921, is a niche market with specific opportunities and challenges for Section 8 investors. The community's demographic and economic profile suggests it may be better suited for active investors looking to add value rather than passive operators relying solely on voucher programs.
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.