Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,680 |
| 1 Bedroom | $1,780 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,590 |
| 4 Bedrooms | $2,960 |
| 5 Bedrooms | $3,434 |
| 6 Bedrooms | $3,846 |
| 7 Bedrooms | $4,154 |
| 8 Bedrooms | $4,362 |
The real estate market in ZIP 60011 presents a unique set of conditions that landlords and small-portfolio investors should consider. The median home value is currently unavailable, indicating a potential lack of recent sales data which could suggest a slower market. Additionally, the percentage of listings that have been reduced and the median days on market (DOM) are also not available, making it difficult to assess the current pricing power of sellers.
On the rental side, the Fair Market Rent (FMR) for ZIP 60011 in fiscal year 2024 is set at $1740. This figure provides a benchmark for rental rates in the area but does not indicate the current market rent, which is also unavailable. The absence of current market rent data suggests that there might be limited information on how rental properties are performing relative to the FMR, which could impact the decision-making process for investors looking to capitalize on short-term opportunities.
For long-hold investors, the setup implied by the data points towards a cautious approach. With the median home value being unknown and without recent trends in price reductions or DOM, it's challenging to form a strong appreciation thesis based on the available data. However, if the FMR remains stable at $1740, this could imply a consistent demand for rental properties, suggesting that maintaining or slightly increasing rental income could be feasible.
The lack of specific historical data makes it difficult to predict future trends with confidence. Investors should focus on the fundamentals of the local economy, employment rates, and population growth to inform their decisions. If these factors remain positive, the potential for steady appreciation exists, but it would be prudent to expect moderate gains rather than rapid increases.
In summary, the current state of the real estate market in ZIP 60011 requires a thorough understanding of both the rental and sale markets. While the FMR offers a point of reference for rental rates, the missing data on home values and listing trends necessitates a careful and informed investment strategy.
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.