Section 8 Fair Market Rent (FMR) for ZIP 60138 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 60138 in fiscal year 2024 is set at $1940. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; it's the payment standard used by the housing authority to determine what subsidy amount they will pay on behalf of eligible tenants.

While the local median rent for ZIP 60138 is listed as N/A, the percentage of renters in the area is also noted as N/A%. Despite the lack of specific figures, these percentages can indicate the level of demand for rental properties. If the renter share is high, it suggests there are many people looking for places to live, which could be beneficial if your property meets the needs of those tenants.

The cost to acquire a rental property in 60138 is also given as N/A. This value can help you assess whether the FMR of $1940 covers your expenses, including mortgage payments, maintenance, insurance, and other costs associated with owning a rental property. To ensure profitability, you must verify that the FMR, combined with any tenant contribution towards rent, sufficiently covers these costs.

Before committing to a Section 8 rental property in ZIP 60138, one crucial step is to confirm that your property meets all the necessary inspection criteria set by the housing authority. These inspections are designed to ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these standards can result in disqualification from the program, even if you've already signed a contract with a tenant.

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.