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 60690, located within the Chicago-Joliet-Naperville metropolitan area, presents unique challenges and opportunities for landlords and small-portfolio investors. The lack of specific resident numbers, rental percentages, median income, and median home values indicates that this area's data is incomplete or not widely reported, making it distinct from other well-documented ZIP codes.
Despite the absence of detailed demographic data, the Section 8 voucher program provides a clear economic framework. For fiscal year 2024, the Fair Market Rent (FMR) for ZIP 60690 is set at $1680. This figure serves as a benchmark for landlords participating in the voucher program, ensuring they receive a stipulated amount per unit. However, without comparable market rent data, it's challenging to assess how competitive this FMR is relative to the local housing market.
The data signature for ZIP 60690 reads as transitional. The lack of comprehensive data suggests that the area might be undergoing changes that have yet to be fully captured by statistical surveys. This could mean shifts in population dynamics, economic conditions, or housing trends. For investors and landlords, this transitional nature means there is potential for growth but also requires careful monitoring of market conditions and policy changes.
To make informed decisions, consider supplementing the available data with local insights, such as conversations with real estate agents and property managers who operate in the area. Additionally, keep an eye on broader regional trends, which can provide context for the specific dynamics at play in ZIP 60690.
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.