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 |
The ZIP code 60078 in Illinois is an intriguing market for landlords and small-portfolio investors interested in Section 8 tenants. However, due to the lack of specific population and rental statistics, a detailed analysis is challenging. The median household income is also not available, which is crucial for understanding the economic context of the area.
Despite these limitations, we can still draw some conclusions based on the Fair Market Rent (FMR) provided. For fiscal year 2024, the FMR for ZIP 60078 is set at $1680. This figure represents the maximum amount that a landlord can charge a Section 8 tenant, assuming the unit meets Housing Quality Standards (HQS).
To gauge the potential depth of voucher demand, consider the percentage of local income that typical rent consumes. While exact local rent figures are unavailable, we can infer that if the typical market rent aligns closely with the FMR, then it's likely that a significant portion of renters rely on vouchers to afford housing. If the local rent is substantially higher than the FMR, it suggests a smaller pool of voucher holders relative to the total number of renters.
In terms of tenant profiles, landlords in ZIP 60078 should anticipate working with tenants who have limited financial resources and depend heavily on government assistance. These tenants will be looking for affordable housing options that fit within the voucher limits. It's important for landlords to ensure their properties meet HQS to qualify for Section 8 tenancy.
Given the incomplete data, it's advisable to conduct further research into the local rental market and income distribution to make informed decisions about targeting Section 8 tenants. Engaging with local housing authorities and property management associations could provide additional insights into the specific dynamics of this area.
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.