Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,930 |
| 4 Bedrooms | $2,200 |
| 5 Bedrooms | $2,552 |
| 6 Bedrooms | $2,858 |
| 7 Bedrooms | $3,087 |
| 8 Bedrooms | $3,241 |
U.S. Census Bureau data (2024)
ZIP code 60406, located in Blue Island, IL, falls within the larger Chicago-Joliet-Naperville, IL HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 60406 is set at $1300 for fiscal year 2024, while the average market rent is $1,084. This indicates that the FMR is higher than what the market currently dictates, which could be beneficial for landlords participating in the Section 8 program.
The median home value in Blue Island is $195,278, which is lower than many areas within the Chicago metro region. This suggests that Blue Island is a more affordable sub-market compared to other parts of the Chicago-Joliet-Naperville area. Given the 48.1% renter share, it is clear that there is a significant portion of the population renting their homes, which can be advantageous for landlords looking to attract tenants.
In comparing these figures to typical ZIP codes within the Chicago-Joliet-Naperville HUD Metro FMR Area, we can infer that 60406 represents a value pocket. The combination of a below-average home value and a higher-than-average renter share points towards an area where rental properties are particularly attractive for low-income renters, making it a prime location for Section 8 housing. Additionally, the discrepancy between the FMR and the actual market rent provides landlords with a margin for potential profit when participating in the program.
Landlords and small-portfolio investors should take note of these factors when considering the Blue Island market. The lower home values coupled with a substantial renter base indicate that this area is well-suited for those looking to maximize their returns through the Section 8 program. Furthermore, the higher FMR relative to market rents means that landlords can potentially charge closer to the FMR without significantly deterring tenants.
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.