Section 8 Fair Market Rent (FMR) for ZIP 60183 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

35.7% of residents in ZIP code 60183 are renters, indicating a significant portion of the population relies on rental housing. This statistic underscores the potential demand for rental properties in the area. However, the Fair Market Rent (FMR) for Section 8 in ZIP 60183 for fiscal year 2024 is set at $1700, which is the maximum amount the government will pay towards a tenant's rent. It's important to note that there is no available data for market rent, median home value, median income, days on market (DOM), or the percentage of listings that have been price-cut. Despite these gaps in information, the high renter share suggests a robust rental market.

The lack of specific market rent data makes it challenging to compare the $1700 FMR against what landlords might typically charge. Nonetheless, with 35.7% of the population renting, landlords can expect a steady stream of potential tenants who qualify for the Section 8 program. The absence of median income data means we cannot assess the average financial capability of the residents, but the reliance on rental housing implies a segment of the population may benefit from subsidized housing options.

In conclusion, the 35.7% renter share in ZIP 60183, combined with the $1700 FMR for Section 8, presents an opportunity for landlords to serve a substantial portion of the local population. While there is limited data on other economic indicators, the presence of a large renter base supports the viability of Section 8 participation.

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.