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 |
To frame ZIP 60196 from the renter's perspective, we must consider the limited data available. The median income for households in this area is currently not reported, making it challenging to assess overall financial stability and earning power. Similarly, the market rate for rent is also unreported, leaving us without a precise figure to gauge affordability against the voucher payment standard.
The Fair Market Rent (FMR) for ZIP 60196 in fiscal year 2024 is set at $1680. This figure represents the maximum amount that a housing voucher would cover for an apartment or house in this ZIP code. Without knowing the exact percentage of renters or the total population, it's difficult to provide a comprehensive analysis of the competition faced by landlords. However, it's crucial to understand that the FMR serves as a benchmark for what low-income families can be expected to pay, assuming they contribute 30% of their adjusted income toward rent.
The affordability gap in ZIP 60196 is significant due to the lack of reported median income and market rent rates. Landlords must consider the potential for higher vacancy rates if rents exceed the FMR, especially if many residents rely on housing vouchers. This scenario suggests that there could be a substantial number of tenants who are only able to afford housing through government assistance programs.
For landlords considering whether to accept voucher tenants or focus on cash-paying residents, the takeaway is clear. Given the uncertainty around median incomes and market rates, accepting voucher tenants can ensure a steady stream of rental income, albeit at a fixed rate. On the other hand, focusing on cash-paying tenants might allow for higher rents but could increase competition and risk of vacancies if those rents are not aligned with the actual financial capabilities of the local population. In either case, landlords should stay informed about local economic conditions and the availability of housing vouchers to make strategic 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.