Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
U.S. Census Bureau data (2024)
ZIP code 60131, located in Franklin Park, IL, falls within the broader Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $1,360. To understand how this ZIP compares to others in the metro area, consider its specific metrics: a market rent of $1,102, an average home value of $308,634, and a 24.6% renter share.
The FMR of $1,360 for ZIP 60131 is notably higher than its market rent of $1,102, indicating that landlords can potentially receive government assistance through Section 8 programs if they participate. This difference suggests that 60131 might be seen as a value pocket for Section 8 tenants and investors interested in properties that offer some subsidy support without commanding premium rents.
Average home values in ZIP 60131 stand at $308,634, which is likely lower than many other areas within the Chicago-Joliet-Naperville metro, where home values tend to be higher due to proximity to the city center and other amenities. The lower home values coupled with a relatively high renter share of 24.6% could signal a neighborhood attractive to Section 8 participants who benefit from subsidized housing options.
The 24.6% renter share is significant but not unusually high compared to other ZIP codes in the metro area. However, it aligns with the potential for Franklin Park to serve as a sweet spot for Section 8 investments, given the lower property values and the gap between FMR and market rent. This combination makes it a favorable location for landlords willing to accept Section 8 vouchers, as it offers a balance between manageable investment costs and the opportunity to receive higher rents through subsidies.
In conclusion, ZIP 60131 appears to be a value pocket within the Chicago-Joliet-Naperville metro area, offering landlords a chance to invest in a moderately priced neighborhood while benefiting from the higher FMR rates set by the HUD. The data points towards a stable rental market with a notable presence of renters, making it a strategic choice for those looking to enter the Section 8 housing market.
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.