Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,620 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,690 |
| 5 Bedrooms | $3,120 |
| 6 Bedrooms | $3,494 |
| 7 Bedrooms | $3,774 |
| 8 Bedrooms | $3,963 |
U.S. Census Bureau data (2024)
The ZIP code 60109, with a median income of $82,656, presents an interesting scenario for both renters and landlords. At the market rate of $1,583 per month (as reported by the Census Bureau's American Community Survey), a household in this area would need to allocate a significant portion of their income towards rent. This figure represents approximately 22.7% of the annual median income, which is a substantial financial commitment.
To put this into perspective, the Fair Market Rent (FMR) for ZIP 60109 in fiscal year 2024 is set at $1,630. This means that the market rate is slightly below the FMR, indicating that the cost of renting in this area is somewhat lower than what the government considers fair. However, the difference between the market rate and the FMR is minimal, suggesting that the rental market is closely aligned with government standards.
With only 14.5% of the 481 residents being renters, the competition among landlords is relatively low. The small number of renters implies a smaller pool of potential tenants, which could make it challenging to find cash-paying tenants who are willing and able to pay the market rate. Given the median income, households might struggle to afford the market rate without assistance, such as through housing vouchers.
The takeaway for landlords is clear: focusing on voucher programs could be a viable strategy given the tight affordability gap. Vouchers ensure a steady stream of income and reduce the risk of non-payment, making them attractive even if the monthly payments are slightly higher than the market rate. Landlords should also consider the benefits of maintaining competitive rental rates to attract and retain tenants in a market where affordability is a concern.
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.