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 ZIP code 60685 is located in the western suburbs of Chicago, IL, encompassing parts of the village of Hinsdale and other surrounding areas. The neighborhood is characterized by its suburban setting, with a significant portion of residents being homeowners rather than renters. Due to limited demographic data, specific figures such as population size, percentage of renters, and median income are not readily available.
However, the Fair Market Rent (FMR) for ZIP 60685 in fiscal year 2024 is set at $1,680 for a two-bedroom unit. This figure is notably lower than the market rents observed in nearby areas, indicating that the Section 8 program could offer a competitive advantage for landlords willing to participate.
A review of current rental listings near ZIP 60685 reveals that market rents for similar units are significantly higher, ranging from approximately $2,000 to $4,000 per month. This suggests that landlords operating in this area might consider the hands-on approach of value-add investments to improve their properties and attract tenants paying closer to market rates.
In summary, ZIP 60685 is suitable for hands-on value-add buyers looking to capitalize on the potential to increase rental income above the FMR threshold. While hands-off voucher operators might find it challenging due to the discrepancy between FMR and market rents, there is still opportunity for those willing to manage properties effectively and enhance their appeal to tenants.
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.