Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,890 |
| 1 Bedroom | $2,010 |
| 2 Bedrooms | $2,270 |
| 3 Bedrooms | $2,920 |
| 4 Bedrooms | $3,330 |
| 5 Bedrooms | $3,863 |
| 6 Bedrooms | $4,327 |
| 7 Bedrooms | $4,673 |
| 8 Bedrooms | $4,907 |
U.S. Census Bureau data (2024)
ZIP code 60108, located in Bloomingdale, IL, is part of the larger Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $1,990, which is lower than the average market rent of $2,416. This indicates that the rental costs in 60108 are below the typical rates for the metro area.
The median home value in ZIP 60108 is $432,913, reflecting a relatively affordable housing market compared to the broader metro region. The average renter share of 24.7% is also noteworthy, as it suggests a significant portion of residents are renters rather than homeowners.
Based on these figures, ZIP 60108 can be positioned as a value pocket within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. The lower FMR and market rent indicate that it offers more affordable options for renters. Additionally, the higher renter share combined with below-average home values could signal a favorable environment for landlords participating in the Section 8 program.
To further contextualize, let's compare these figures to typical metrics for the entire Chicago-Joliet-Naperville, IL HUD Metro FMR Area. A typical ZIP code in this area has an FMR closer to the metro-wide average, which is likely higher than $1,990. Market rents across the metro tend to be more varied but generally hover around the $2,416 mark, indicating that 60108's rental market is indeed on the lower end of the spectrum.
The presence of a higher renter share in an area with below-average home values often points to a concentration of rental properties, including those that might benefit from federal assistance programs such as Section 8. Landlords in ZIP 60108 should consider the potential advantages of operating in a value pocket where demand for affordable housing is likely strong.
In summary, ZIP 60108 stands out as a value pocket within its metro, offering below-average rental costs and home values alongside a notable renter population. These factors make it an attractive location for landlords interested in serving the needs of low-income renters through the Section 8 program.
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.