Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,650 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,550 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
The Fair Market Rent (FMR) for ZIP code 60009 in the Chicago-Joliet-Naperville, IL HUD Metro FMR Area for fiscal year 2024 is $1680. While the market rent, home value, and renter share for ZIP 60009 are not available, we can infer its position within the metro based on the FMR. The average FMR for a 2-bedroom unit in the Chicago-Joliet-Naperville area is $1903, indicating that ZIP 60009 has a lower FMR compared to the metro average.
To further understand the context, consider that the Chicago-Joliet-Naperville metro area is known for having higher-than-average rents. With a 2-bedroom FMR of $1903, it suggests that the metro is generally more expensive than the national average. However, since ZIP 60009's FMR is $1680, it falls below this metro average, potentially making it a more affordable option within the larger market.
Without specific data on market rent, home value, and renter share, it's difficult to definitively categorize ZIP 60009 as a value pocket, mid-tier neighborhood, or premium sub-market. However, given its below-average FMR, it could be considered a value pocket relative to the rest of the Chicago-Joliet-Naperville metro area. A high renter share with below-metro home values would typically indicate a sweet spot for Section 8 investments, but such specific figures are not provided for ZIP 60009.
In summary, ZIP 60009 appears to offer a slightly more budget-friendly option within the otherwise costly Chicago-Joliet-Naperville metro area, with its FMR being notably lower than the metro-wide average of $1903 for a 2-bedroom unit.
Data Sources: FMR data from HUD (2027).
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.