Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,000 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,400 |
| 3 Bedrooms | $3,090 |
| 4 Bedrooms | $3,530 |
| 5 Bedrooms | $4,095 |
| 6 Bedrooms | $4,586 |
| 7 Bedrooms | $4,953 |
| 8 Bedrooms | $5,201 |
U.S. Census Bureau data (2024)
ZIP code 60083, located in Wadsworth, IL, is part of the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 60083 in fiscal year 2024 is set at $2330, which is higher than the market rent currently observed at $1650. This indicates that the government's estimate of what constitutes a fair rent in the area exceeds the actual market rates.
The median home value in ZIP 60083 stands at $378,733, which is lower than the average home value seen across the broader Chicago-Joliet-Naperville, IL HUD Metro FMR Area. With a renter share of 7.5%, it falls below the typical percentage for this metro area, suggesting a smaller proportion of residents renting compared to owning their homes.
Inferencing from these figures, ZIP 60083 appears to be a value pocket within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. It has a below-average home value and a below-average renter share, but the discrepancy between the FMR and the market rent suggests potential for rental income growth or subsidy utilization for landlords who participate in the Section 8 program.
A divergence worth noting is the relatively high renter share in conjunction with below-metro home values. This combination can signal a sweet spot for Section 8 landlords, as it implies a significant number of tenants qualifying for housing assistance while the overall cost of property ownership remains lower compared to other parts of the metro area.
For landlords and small-portfolio investors, ZIP 60083 presents an opportunity where properties might be more affordable, and there could be a strategic advantage in leveraging the Section 8 program given the favorable renter share and FMR dynamics.
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.