Section 8 Fair Market Rent (FMR) for ZIP 60499 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP 60499 in fiscal year 2024 is set at $1680. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the rent you will receive; it's the ceiling for rent subsidies provided by the government to tenants.

In ZIP 60499, the median market rent is currently listed as N/A. While we don't have an exact number for comparison, understanding the local rental market is crucial. If the typical rents in your area are significantly higher than the FMR, you might find that your property is less attractive to potential Section 8 tenants who are limited by the subsidy amount.

The percentage of renters in ZIP 60499 is N/A%. This indicates the proportion of residents who are likely to be interested in rental housing, including those who might seek assistance through the Section 8 program. A higher percentage suggests a greater demand for rental properties, which could benefit you as a landlord.

The average home value in ZIP 60499 is N/A. This figure helps in assessing the acquisition cost of properties in the area. If you're looking to purchase a new property for your Section 8 rental, this average gives you a benchmark for what you might expect to pay.

Before you decide to participate in the Section 8 program with a rental property in ZIP 60499, verify that the condition of your property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary for tenants. Failure to meet these criteria can result in denial of tenancy or reduced payments.

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.