Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,780 |
| 1 Bedroom | $1,890 |
| 2 Bedrooms | $2,130 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $3,130 |
| 5 Bedrooms | $3,631 |
| 6 Bedrooms | $4,067 |
| 7 Bedrooms | $4,392 |
| 8 Bedrooms | $4,612 |
U.S. Census Bureau data (2024)
ZIP code 60067, located in Palatine, IL, stands out within Cook County due to its relatively high median income of $125,446 and median home value of $467,898. The area is home to 38,204 residents, with 23.8% choosing to rent their homes. This combination of factors indicates a robust local economy and a preference among many residents for homeownership.
The voucher economics in Palatine present an interesting scenario for landlords and small-portfolio investors. The Fair Market Rent (FMR) for ZIP 60067 for fiscal year 2024 is set at $2,050, which is slightly below the market rate of $2,075 as indicated by the Zillow Rent Index (ZORI). This suggests that while vouchers can provide a steady stream of rental income, landlords might find it more profitable to rent directly to market-rate tenants.
Based on the data signature of ZIP 60067, the area appears stable. High median incomes and home values indicate a strong economic foundation, and the slight disparity between FMR and market rates does not significantly impact the overall stability. For investors looking to enter the Palatine market, these conditions suggest a favorable environment for both direct rentals and voucher-assisted tenancies.
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.