Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,660 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,560 |
| 4 Bedrooms | $2,920 |
| 5 Bedrooms | $3,387 |
| 6 Bedrooms | $3,793 |
| 7 Bedrooms | $4,096 |
| 8 Bedrooms | $4,301 |
U.S. Census Bureau data (2024)
The rent math for ZIP 60539, located in the Chicago-Joliet-Naperville, IL HUD Metro FMR Area, hinges on the Federal Market Rent (FMR) of $1750 for fiscal year 2024. However, without specific market rent data, it's challenging to definitively assess if this figure aligns with what tenants are willing to pay. Landlords must rely on local real estate trends and possibly consult with local agents to determine if the FMR is realistic.
Regarding the affordability of acquisitions, the lack of detailed information on median home values, days on market (DOM), and the percentage of homes that required price cuts makes a precise evaluation difficult. Landlords should conduct thorough research on recent property transactions and market conditions to gauge whether the current prices offer a good investment opportunity.
Tenant demand in ZIP 60539 is evident with a population of 313. The absence of data on the percentage of renters further complicates an assessment, but given the urban setting and typical rental preferences in metropolitan areas, it's reasonable to infer a significant demand for rental properties. Landlords should investigate local demographics and housing needs to confirm the presence of a robust tenant base.
In conclusion, while the potential for tenant demand exists due to the urban location and sizeable population, the viability of investing in ZIP 60539 is contingent upon aligning the $1750 FMR with actual market rents and ensuring that acquisition costs are affordable based on current real estate trends. Landlords must perform additional local research to make informed decisions about rental pricing and acquisition strategies.
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.