Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,060 |
| 1 Bedroom | $2,190 |
| 2 Bedrooms | $2,470 |
| 3 Bedrooms | $3,180 |
| 4 Bedrooms | $3,630 |
| 5 Bedrooms | $4,211 |
| 6 Bedrooms | $4,716 |
| 7 Bedrooms | $5,093 |
| 8 Bedrooms | $5,348 |
U.S. Census Bureau data (2024)
Schaumburg, IL, located in Cook County, stands out due to its unique demographic and economic characteristics. With a population of 13,650 residents, Schaumburg has a rental rate of 66.6%, indicating a strong preference for leasing over homeownership among its inhabitants. The median income in the area is $104,390, which is notably higher than the national average, suggesting a relatively affluent community. However, the median home value of $353,034 is also quite high, making homeownership a significant financial commitment.
The Section 8 housing voucher program plays a crucial role in the local rental market. For fiscal year 2024, the Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 60173 is set at $2,290. This figure is slightly above the market rent, as indicated by the Zillow Observed Rent Index (ZORI), which stands at $2,165. This means that landlords participating in the Section 8 program can expect a slight premium compared to the average market rates.
The data signature for Schaumburg suggests a stable environment. The high median income supports a robust rental market, while the substantial median home value reflects a mature residential area. The disparity between the FMR and ZORI indicates a balanced market where the government subsidy aligns closely with actual rental costs, providing both tenants and landlords with predictable economic conditions. This stability is beneficial for small-portfolio investors looking for consistent returns without the volatility associated with transitional markets.
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.