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 analysis of ZIP 60017 reveals several key points that are crucial for landlords and small-portfolio investors.
First, regarding the rent math, the Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1680. However, without specific market rent data, it's challenging to definitively state whether the rent math works. Typically, if the FMR aligns closely with the market rent, it suggests a balanced scenario where properties can be rented out effectively without significant vacancy risks.
Second, on the affordability of acquisition, the lack of detailed information on the median home value, days on market (DOM), and the percentage of homes needing price cuts makes it difficult to assess the ease of acquiring properties. In general, lower median home values and fewer days on market indicate an easier acquisition process, while a higher percentage of price cuts might suggest a buyer's market but also implies potential negotiation difficulties.
Third, concerning tenant demand, the absence of specific population figures and the percentage of renters in the area complicates the assessment. A high renter share typically indicates strong demand for rental properties, which is beneficial for landlords and investors looking to capitalize on occupancy rates.
Verdict: While the FMR for ZIP 60017 is established at $1680 for fiscal year 2024, the incomplete data on market rent, median home values, days on market, price cut percentages, and tenant demographics prevent a comprehensive evaluation. To make informed decisions, landlords and investors should seek out current local real estate market reports and demographic studies to fill these gaps and ensure they have a complete picture of the investment landscape in this area.
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.