Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,900 |
| 1 Bedroom | $2,020 |
| 2 Bedrooms | $2,280 |
| 3 Bedrooms | $2,930 |
| 4 Bedrooms | $3,350 |
| 5 Bedrooms | $3,886 |
| 6 Bedrooms | $4,352 |
| 7 Bedrooms | $4,700 |
| 8 Bedrooms | $4,935 |
The ZIP code 60122, located in the Chicago-Joliet-Naperville area of Illinois, presents a unique set of characteristics that distinguish it from other regions. However, due to the lack of specific data points such as resident count, rental percentage, median income, and median home value, a detailed analysis of its real estate dynamics is currently limited.
Despite these gaps, the economic viability of Section 8 vouchers in ZIP 60122 can still be assessed through the Fair Market Rent (FMR) data. For fiscal year 2024, the FMR for ZIP 60122 is set at $1940. This figure represents the maximum amount that HUD will pay landlords who participate in the Section 8 program. Without a precise market rent figure, it's challenging to compare the FMR directly to local market rates; however, landlords should be aware of the FMR when setting their own rents to ensure they remain competitive and attractive to tenants utilizing Section 8 vouchers.
The absence of key demographic and economic indicators makes it difficult to categorize ZIP 60122 as either stable or transitional. Stability would typically be indicated by consistent population growth, steady rental percentages, and stable income and home values. Conversely, transitional areas might show fluctuating demographics and economic conditions. To make an informed decision on the stability of this ZIP code, further research into local trends and historical data is recommended.
Landlords and small-portfolio investors considering participation in the Section 8 program within ZIP 60122 should focus on understanding the local rental market and any potential changes that could affect the demand for subsidized housing. The FMR provides a benchmark for rent pricing but should be supplemented with local knowledge to ensure successful investment.
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.