Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,690 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $2,030 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
The ZIP code 60037 in Illinois presents a dynamic rental market, particularly concerning Section 8 housing. The Fair Market Rent (FMR) for the area stands at $1760 for the fiscal year 2024, which is the benchmark for rental costs that align with the Section 8 program's guidelines. Despite this figure, the current market rent is not available, suggesting either limited data or significant fluctuations in the local market that might not be fully captured by standard reporting mechanisms.
The absence of data on price-cut shares and days on market (DOM) indicates a lack of comprehensive insights into the immediate supply-demand balance. However, it's reasonable to infer that if landlords in this area are generally adhering to the FMR without needing to significantly undercut their prices, demand could be keeping pace with or even slightly exceeding supply. This inference is based on the assumption that in markets where supply outpaces demand, landlords often lower their rents to attract tenants.
A notable gap in the data is the median home value, which is also not available. This missing statistic makes it challenging to compare the rental market with the homeownership market, but it doesn't necessarily imply a trend. The N/A% renter share further complicates the picture, as it leaves questions about the long-term housing pressures unresolved. A higher percentage of renters typically signals greater housing affordability challenges or other factors that push residents toward renting rather than buying.
In summary, ZIP 60037 appears to be a market where the rental sector, especially the Section 8 component, is relatively stable around the FMR. The lack of additional data points suggests an evolving landscape that requires close monitoring. Landlords and small-portfolio investors should remain vigilant, as the dynamics could shift rapidly due to various economic and social factors.
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.