Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,640 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,530 |
| 4 Bedrooms | $2,890 |
| 5 Bedrooms | $3,352 |
| 6 Bedrooms | $3,754 |
| 7 Bedrooms | $4,054 |
| 8 Bedrooms | $4,257 |
U.S. Census Bureau data (2024)
Chicago’s 60641 zip code, covering the vibrant Portage Park neighborhood, offers a mix of brick bungalows and two-flats that appeal to families seeking stability. This residential stronghold is defined by its namesake park and the Six Corners shopping district, a historic retail hub currently benefiting from significant streetscape improvements aimed at boosting local commerce. The presence of major employers like Presence Resurrection Medical Center provides a steady economic base, ensuring a consistent flow of potential tenants who work within the community.
From a numerical perspective, the area presents a tight but manageable spread for investors. The HUD FY2026 Fair Market Rent for a 2-bedroom unit is set at $1,720, while the current market rent sits at $1,754, resulting in a negligible gap of only $34. This means voucher tenants can essentially match market rates. The median home value is $398,592, with a median 2BR sale price of $308,256. Properties are moving at a moderate pace, with a median of 64 days on market, suggesting a stable environment that is not overheated.
Demand here is underpinned by solid fundamentals. With a renter share of 47.5% and a median household income of $83,758, the tenant pool is substantial and relatively solvent. Families are drawn to the area for its accessibility; the CTA Blue Line provides quick downtown access, a major selling point for commuters. Additionally, the neighborhood is served by highly-rated public schools such as Portage Park Elementary and Taft High School, which reinforces long-term tenant retention for voucher holders prioritizing education.
The Section 8 verdict for 60641 leans heavily toward stability and appreciation rather than aggressive cashflow. Because the FMR virtually equals the market rate ($1,720 vs $1,754), investors cannot demand a premium over vouchers, but they also face minimal discounting. The high median income suggests that even if a tenant’s portion of the rent is significant, payment risk is lower. The strongest angle here is betting on the continued appreciation of the $398,592 median asset value while utilizing the voucher program to minimize vacancy loss in this family-centric 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.