Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,900 |
| 1 Bedroom | $2,020 |
| 2 Bedrooms | $2,280 |
| 3 Bedrooms | $2,930 |
| 4 Bedrooms | $3,350 |
| 5 Bedrooms | $3,886 |
| 6 Bedrooms | $4,352 |
| 7 Bedrooms | $4,700 |
| 8 Bedrooms | $4,935 |
1940 is the Fair Market Rent (FMR) for ZIP code 60522 in fiscal year 2024, indicating the maximum amount a Section 8 tenant can be expected to pay for housing in this area. While the market rent figure is currently unavailable, the FMR serves as a reliable benchmark for rental pricing in the region. The median home value is also not available at present, which suggests that there may be limited data on the overall property values within 60522. Similarly, the exact percentage of renters in the area is unknown, but the lack of a definitive median income figure points to variability in the local economic conditions. With no data on the average days on market (DOM), it's challenging to assess how quickly properties are typically sold or rented. The absence of a percentage for the price-cut share further complicates understanding of the negotiation dynamics in the local real estate market.
1940 FMR sets a clear guideline for landlords and investors looking to participate in the Section 8 program within ZIP 60522. This figure is crucial for determining whether a property can be listed at a competitive rate while still being covered under the subsidy program. Despite the limitations in the available data, the FMR provides a stable reference point amidst the uncertainties of the local real estate market. Landlords should consider this figure when setting rental prices for their properties to ensure compliance with the program requirements and maximize their potential for occupancy.
Based on the provided data, the Section 8 program in ZIP 60522 appears to offer a predictable framework for rental pricing, with the $1940 FMR serving as the cornerstone for investment decisions. However, the lack of comprehensive market data means that additional research is necessary to fully understand the local real estate landscape and make informed investment choices. For now, the $1940 FMR stands as a reliable indicator for those interested in participating in the Section 8 program in this area.
Verdict: Participation in the Section 8 program in ZIP 60522 is viable with the $1940 FMR providing a clear rental guideline.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.