Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,520 |
| 1 Bedroom | $2,670 |
| 2 Bedrooms | $3,020 |
| 3 Bedrooms | $3,880 |
| 4 Bedrooms | $4,440 |
| 5 Bedrooms | $5,150 |
| 6 Bedrooms | $5,768 |
| 7 Bedrooms | $6,229 |
| 8 Bedrooms | $6,540 |
U.S. Census Bureau data (2024)
ZIP code 60607, located in Chicago, IL, falls within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $2,570. This compares to an average market rent of $2,888, indicating that rental properties in this area are slightly above the FMR. The median home value in ZIP 60607 is $407,048, which is lower than the typical home value within the broader Chicago-Joliet-Naperville, IL HUD Metro FMR Area.
The renter share in ZIP 60607 is 58.7%, significantly higher than the average for the metro area. This suggests a strong demand for rental housing. When considering the combination of a high renter share and below-average home values, it becomes clear that 60607 could be considered a sweet spot for Section 8 investors. The disparity between the relatively low home values and the high FMR indicates potential for positive cash flow on rental properties, especially those eligible for Section 8 subsidies.
In comparison to other ZIP codes within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area, ZIP 60607 stands out as a value pocket. This designation is based on the below-average home values and a rental market that is competitive but still within the range of Section 8 subsidies. For landlords and small-portfolio investors looking to maximize their investment potential within the constraints of Section 8, ZIP 60607 presents a favorable environment.
Investors should focus on properties that can be rented at or near the FMR of $2,570, as this aligns well with the subsidy limits while still capturing a significant portion of the local rental market. The lower home values also reduce the initial capital investment required, making it easier for smaller investors to enter the market.
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.