Location: Ogle County, IL | Metro: DeKalb County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
U.S. Census Bureau data (2024)
The ZIP code 60129 is situated in a predominantly suburban area characterized by a relatively small population of 229 residents. With only 16.9% of the population renting their homes, it's clear that this community leans heavily towards homeownership. The median household income in this area is notably high at $117,750, indicating a prosperous demographic.
Turning to the economic aspects of rental properties, the Fair Market Rent (FMR) for ZIP 60129 as of the fiscal year 2024 is set at $1250. This figure contrasts sharply with the reported market rent, which stands at $695 according to the Census American Community Survey (ACS). This discrepancy suggests that there could be significant upside potential for landlords who are willing to invest in improving their properties to command higher rents closer to the FMR levels.
Given the low percentage of renters and the substantial gap between FMR and current market rents, ZIP 60129 would likely be a better fit for a hands-on value-add buyer rather than a hands-off voucher operator. A value-add strategy could focus on enhancing property amenities and condition to attract tenants willing to pay closer to the FMR rates. For those looking to operate hands-off, the limited number of renters and the lower market rents suggest that there may not be enough demand to support a purely hands-off approach centered around Section 8 vouchers.
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.