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 |
In ZIP code 60065, the Fair Market Rent (FMR) for Section 8 in fiscal year 2024 is set at $1680. Despite the lack of specific market rent data, median home values and median income figures, the housing market remains competitive with various properties listed for sale. For instance, a property priced at $725,000 offers 4 bedrooms and 2 bathrooms, spanning 2,380 square feet. Another home listed at $949,000 provides 5 bedrooms and 5 bathrooms across 3,120 square feet. The absence of precise data on the percentage of renters and median income does not obscure the fact that there are numerous opportunities for investment in this area.
The days on market (DOM) for properties in ZIP 60065 are not explicitly stated, but given the variety of properties available, it suggests a dynamic market where homes are regularly coming on and going off the market. Similarly, the percentage of price-cut shares is not specified, indicating that while negotiations might occur, the overall pricing stability is relatively high.
A property listed at $989,000 with 5 bedrooms and 4 bathrooms covers 3,434 square feet, highlighting the range of options available to potential investors. With a significant number of homes for sale, landlords and small-portfolio investors can find suitable properties to add to their portfolio. However, the exact percentage of properties at risk due to climate factors such as floods and wildfires is not provided, which is crucial for long-term planning.
In conclusion, for ZIP 60065, the Section 8 program sets a clear benchmark for affordable housing at $1680 FMR. Given the available properties and their pricing, this area presents a viable opportunity for real estate investment, particularly for those interested in leveraging the Section 8 program. The verdict on Section 8 in ZIP 60065 is positive, offering a stable base for rental income and property management.
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.