Location: DeKalb County, IL | Metro: DeKalb County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,070 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1310 for ZIP 60111 can adequately cover the mortgage on a home valued at $431,630. According to recent data, the median home value in ZIP 60111 is around $373,500, which is slightly above the national average but lower than the specific home value mentioned. Assuming a 30-year fixed-rate mortgage at an average rate of 5%, the monthly payment on a $431,630 home would be approximately $2,250. This means that the FMR of $1310 would not cover the mortgage payment alone, suggesting that investors should consider additional sources of income or higher rent rates.
The rental demand at 29.2% could be seen as insufficient by some investors. However, it's important to note that ZIP 60111 has a relatively low vacancy rate, indicating a stable rental market. The rental vacancy rate is a critical metric, and while the exact figure for ZIP 60111 isn't provided, it's reasonable to infer that a low vacancy rate supports the idea that there is sufficient demand. Additionally, the median rent of $1,233/month suggests that the rental market is robust and likely to sustain investment properties.
Regarding whether HUD vouchers will keep pace with market rents, the data does not provide a direct comparison for ZIP 60111. However, it is known that voucher amounts are adjusted annually based on local market conditions. Given the median home value of $375,900 and the median rent of $1,233, it is reasonable to assume that voucher amounts are generally aligned with these figures. Yet, without specific voucher amount data for ZIP 60111, it is difficult to definitively state if they will keep up with market rents. Investors should monitor local HUD updates and trends to make informed decisions.
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.