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 |
The Fair Market Rent (FMR) for ZIP 60670 in fiscal year 2024 is set at $1680. This figure represents the payment standard for Section 8 housing assistance, which is not the same as the rent you can charge tenants. The FMR is used to determine the maximum amount of rent subsidy that a landlord can receive for a property participating in the Section 8 program.
While the local median rent is listed as N/A, the FMR serves as a benchmark for the government to ensure that rents are fair and reasonable for the area. The percentage of renters in the area who could benefit from Section 8 assistance is also noted as N/A%, indicating the potential demand for subsidized rentals. However, without specific numbers, it's important to research further into the local rental market trends to understand the actual demand for Section 8 housing.
Regarding property acquisition costs, the average price for homes in ZIP 60670 is listed as N/A. This suggests that landlords should conduct thorough due diligence on property values before making an investment decision. Understanding the acquisition cost will help in determining whether the Section 8 payment standard of $1680 aligns with your financial goals and the potential return on investment.
Before proceeding with a Section 8 rental in ZIP 60670, verify that your property meets all the necessary inspection criteria required by the Housing Authority. This includes ensuring that your rental unit is safe, decent, and sanitary, as these standards must be met for the property to qualify for the program.
In summary, the $1680 FMR for ZIP 60670 is the ceiling for the government's rent subsidy payments. It does not reflect the actual rent charged to tenants but rather sets the limit for how much landlords can be reimbursed. With incomplete data on local median rents and renter share, landlords must do additional research to gauge the local demand and ensure their investment is sound. The most critical step before finalizing your decision is confirming that your property passes all required inspections.
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.