Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,650 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,550 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
The analysis of ZIP code 60161 in the Chicago-Joliet-Naperville, IL HUD Metro FMR Area reveals several key points for landlords and small-portfolio investors.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the area is set at $1680 per month for fiscal year 2024. However, the market rent is currently not available, which means we cannot directly compare it against the FMR. Without this comparison, it's difficult to determine if the rent charged will cover costs effectively.
Moving on to the affordability of acquisition, the median home value and typical days on market (DOM), along with the percentage of homes that require price cuts, are all not available. This lack of data makes it challenging to assess the financial feasibility of purchasing properties in this area. Investors would need to seek out additional local real estate market reports to make informed decisions about acquisitions.
The third point concerns tenant demand. The population and the percentage of renters in the area are also not available. These figures are crucial for understanding the potential pool of tenants and the competition for rental properties. Without these metrics, it's impossible to gauge how likely it is to find and retain tenants.
In summary, while the Fair Market Rent for ZIP 60161 is established at $1680 per month, the absence of critical data such as market rent, median home values, DOM, price-cut percentages, population, and renter share makes it difficult to provide a comprehensive assessment of the viability of real estate investments in this area. Landlords and investors should conduct further research to fill these gaps before making any investment decisions.
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.