Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,650 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,550 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
ZIP code 60666 falls within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 60666 is set at $1680 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors considering Section 8 participation.
To contextualize, let's examine the broader Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Typically, ZIP codes within this area have higher FMRs compared to 60666. For instance, many ZIP codes in the central and western parts of the metro area see FMRs ranging from $1700 to over $2000. Given this, ZIP 60666 presents itself as a value pocket within the larger metro area.
The lack of data on market rent and home values in ZIP 60666 means we cannot directly compare these metrics against the metro-wide averages. However, the absence of market rent data suggests that the area might not be heavily advertised or monitored for rental rates, possibly indicating a less competitive market for rentals. Similarly, the lack of home value data could imply a smaller number of recent sales, which might point to a stable housing market with fewer fluctuations.
The unknown percentage of renter share in ZIP 60666 also limits direct comparisons but allows us to infer that the area might not have a significant concentration of renters compared to other ZIP codes in the region. A high renter share coupled with lower home values can indicate a prime location for Section 8 tenants, but since we don't have these specifics, we must rely on the FMR to guide our understanding.
In summary, ZIP 60666 stands out as a value pocket within the Chicago-Joliet-Naperville, IL HUD Metro FMR Area due to its relatively low FMR of $1680. While we cannot definitively classify it without additional data, the existing figures suggest an opportunity for landlords willing to cater to the needs of lower-income tenants through Section 8 programs. The stability implied by the lack of frequent market changes could be beneficial for long-term investment strategies.
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.