Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,520 |
| 1 Bedroom | $2,670 |
| 2 Bedrooms | $3,020 |
| 3 Bedrooms | $3,880 |
| 4 Bedrooms | $4,440 |
| 5 Bedrooms | $5,150 |
| 6 Bedrooms | $5,768 |
| 7 Bedrooms | $6,229 |
| 8 Bedrooms | $6,540 |
U.S. Census Bureau data (2024)
The ZIP code 60301 in Oak Park, Illinois stands out within Cook County due to its unique demographic and economic characteristics. With a population of 3,475 residents, it has an unusually high rental rate of 86.8%, making it a significant market for landlords. The median income here is $99,167, which is above the national average, and the median home value is $272,643, indicating a relatively affluent area.
For landlords and small-portfolio investors, the voucher economics present a notable opportunity. The Fair Market Rent (FMR) for ZIP 60301 as of the fiscal year 2024 is set at $2,570, while the market rent, as measured by the Zillow Observed Rental Index (ZORI), is $2,290. This discrepancy means that landlords participating in the Section 8 program can potentially earn more than they would through market-rate rentals, making it a lucrative option for those willing to navigate the program's requirements.
Evaluating the data signature of ZIP 60301, it reads as stable. The high percentage of renters combined with a strong median income suggests a consistent demand for rental properties. Additionally, the median home value indicates a robust housing market, which supports the overall stability of the area. For investors, this stability provides a reliable environment for long-term investments, particularly in the rental sector where the potential for higher returns through Section 8 vouchers exists.
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.