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 ZIP code 60303, located in Oak Park, IL, represents a large-sized community with diverse demographics and an overall livability score of 75 out of 100. With a total population of 40,303 residents, this neighborhood is characterized by a working-class earning profile, with a median household income of $45,303. The median home value stands at $186,014, making it an affordable housing market.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 60303 in fiscal year 2024 is set at $1,680. However, the median market rent is currently $1,258, which is significantly lower. This discrepancy suggests that there is a strong opportunity for landlords who can leverage the difference between FMR and market rent to attract Section 8 tenants.
The place fits well for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the lower market rent means that the government subsidy will cover a larger portion of the actual rent, reducing the risk of non-payment. For hands-on value-add buyers, the potential exists to renovate properties and increase rents closer to the FMR, thereby maximizing returns while still remaining attractive to subsidized tenants.
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.