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 |
The ZIP code 60599 in Fox Valley, IL, stands out due to its highly competitive housing market, which scores 74 out of 100 on the Redfin Compete Scale. Last month, the median sale price of a home in 60599 was $351,000, marking a significant increase of 15.9% compared to the previous year. The median sale price per square foot is $241, up 19.0% from the same period last year.
Pivoting to the voucher economics, the Fair Market Rent (FMR) for ZIP 60599 in fiscal year 2024 is set at $1,940. While there is no specific market rent data available for comparison, the high median home values suggest that the FMR may be below the typical market rate, providing a clear incentive for landlords to participate in the Section 8 program.
The data signature for ZIP 60599 reads as transitional. Despite the competitive nature of the housing market, the recent increases in median sale prices indicate a shifting landscape, possibly due to economic growth or changes in the local population dynamics. Landlords and small-portfolio investors should monitor these trends closely to make informed decisions about their investments.
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.