Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
U.S. Census Bureau data (2024)
ZIP code 60072 is situated within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,640, which is higher than the average market rent of $1,025. This suggests that while the HUD sets a higher benchmark for rental prices, actual rents may be lower, potentially offering opportunities for landlords to attract tenants without setting prices beyond their means.
The median home value in ZIP 60072 stands at $493,333, which is relatively high compared to the broader metropolitan area. However, only 5.7% of residents are renters, indicating a predominantly owner-occupied community. This low renter share contrasts with the higher FMR and market rent figures, implying that the area may not be as attractive for renters as it is for homeowners.
To determine whether ZIP 60072 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within the Chicago-Joliet-Naperville metro, we must consider these factors together. The high FMR and market rent suggest a premium sub-market, but the low renter share indicates that most properties are purchased rather than rented. This combination does not typically signal a sweet spot for Section 8 investments, as a significant number of renters and lower home values usually characterize such areas.
Given the specific figures, ZIP 60072 appears to be more of a premium sub-market due to its high home values and FMR. The divergence between the FMR and actual market rent could provide landlords with a competitive edge, allowing them to charge closer to the HUD's benchmark while still remaining within reach for many tenants. However, the low renter share suggests that the area may not be as lucrative for those focusing solely on rental income.
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.