Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The market dynamics in ZIP code 60141 reveal a unique landscape, particularly given the 100.0% renter share, which suggests a significant and sustained long-term housing pressure on landlords and small-portfolio investors. This area stands as a renters' market, with no homeownership recorded according to the latest data, indicating a strong preference for renting over owning property.
The Fair Market Rent (FMR) for ZIP 60141 is set at $1500 for fiscal year 2024, reflecting the government's benchmark for rental affordability in the region. However, the actual market rent, as per the Census American Community Survey, is significantly lower at $541. This discrepancy highlights a potential gap between what the government deems as fair rent and what the market is currently bearing. It could imply that the local rental market is highly competitive, driving down rents below the FMR threshold.
The lack of data on price-cut share and days on market (DOM) makes it challenging to assess the immediate supply-demand balance. Nonetheless, the fact that the entire population is renters points towards a continuous demand for rental properties. In such a scenario, landlords must be vigilant in maintaining their properties to attract and retain tenants, as competition could be fierce.
A complete reliance on renting also means that any changes in rental policies, economic conditions, or tenant preferences can have a pronounced effect on the local real estate market. Landlords and investors should closely monitor these factors to navigate the market effectively.
In summary, ZIP 60141 presents itself as a renters' market under constant pressure, with a notable disparity between the FMR and actual market rents. The dynamics suggest a robust demand for rental units, making it essential for property owners to stay informed and adaptable to the changing environment.
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.