Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
U.S. Census Bureau data (2024)
1460 is the Fair Market Rent (FMR) set for ZIP 60041, Fox Lake, IL, for fiscal year 2024. 970 represents the average market rent reported by the Census Bureau's American Community Survey, indicating a significant gap between the FMR and what tenants typically pay. 294,792 is the median home value in the area, suggesting a relatively stable housing market. 21.1% is the share of residents who are renters, showing that while the majority own their homes, there is still a notable rental population. 93,396 is the median household income, which is crucial for understanding the financial capacity of potential tenants. While data on days on market (DOM) and the percentage of listings that have had their prices cut is not available, the existing figures paint a clear picture for investors. The disparity between the FMR and the market rent suggests opportunities for landlords to charge closer to the FMR without pricing themselves out of the market. With a median income of 93,396, tenants are likely able to afford rents at or near the FMR level, especially considering the relatively low renter share. This indicates that demand for rental properties could be steady, particularly for those who qualify for assistance through programs like Section 8. Given these factors, the verdict for Section 8 participation in ZIP 60041 is positive, as it aligns well with the local economic conditions and offers a reliable source of income for landlords.
Data Sources: FMR data from HUD (2027). 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.