Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,690 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $2,030 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
The ZIP code 60079, located in Illinois, presents a unique challenge for both renters and landlords due to limited data on median income and market rate rental prices. However, we can still draw meaningful insights based on the available information.
The Fair Market Rent (FMR) for ZIP 60079 as of fiscal year 2024 is set at $1760. This figure represents the maximum amount that a household receiving a housing voucher would pay for rent, assuming they spend 30% of their adjusted income on housing costs.
Given that the median income and market rate rental prices are not available for this ZIP code, it's difficult to determine how these figures align with what local households can afford. Typically, if the market rate exceeds the FMR, it could indicate an affordability gap where many households might struggle to find suitable housing without assistance.
The percentage of renters and the total population in ZIP 60079 are also unspecified, which means we cannot provide a precise picture of the rental market dynamics. However, in areas with high percentages of renters and large populations, competition among landlords can be fierce, especially when there is an affordability gap.
For landlords considering whether to accept housing vouchers or prefer cash-paying tenants, the key takeaway is that while voucher payments are capped at $1760, this strategy can ensure a steady stream of reliable tenants. In contrast, focusing solely on cash-paying tenants may expose landlords to greater market volatility and potentially higher vacancy rates if the local rental prices exceed what most households can afford.
In conclusion, landlords in ZIP 60079 should weigh the benefits of accepting vouchers against the potential for higher rents from cash-paying tenants, keeping in mind the possible challenges in finding tenants who can afford above-market rates without assistance.
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.