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 60693 in Illinois lacks comprehensive demographic data, which includes specific figures on population size, percentage of renters, and median household income. However, we can still analyze the potential viability of Section 8 tenants based on the available information.
Given that the exact percentage of renters in ZIP 60693 is unknown, it's difficult to determine whether it's a renter-heavy area with high demand for housing vouchers or an area predominantly occupied by homeowners. Landlords must rely on local real estate trends and possibly consult with local realtors or housing authorities for a clearer picture.
The median household income is also unspecified, making it challenging to assess how much of the local income would typically be consumed by rent. Nonetheless, we can compare the Fair Market Rent (FMR) figure to infer some insights. The FMR for ZIP 60693 in fiscal year 2024 is set at $1680. This amount represents the maximum rent a landlord can charge for a Section 8 voucher in the area.
Without concrete income data, we cannot provide a precise percentage of income spent on rent. However, the FMR serves as a benchmark for landlords to understand the rental market's affordability. If the typical market rent is close to or exceeds the FMR, it suggests that rent is a significant portion of the local residents' income, which could indicate a strong need for housing vouchers.
Landlords in ZIP 60693 should expect tenants who are financially constrained and rely on government assistance to afford housing. These tenants will likely have their rent subsidized up to the FMR level, ensuring they pay no more than 30% of their adjusted income towards rent. It's important for landlords to prepare for the administrative requirements associated with Section 8 tenancy, including regular inspections and compliance with HUD standards.
To make informed decisions, landlords should actively seek out additional local data on renter demographics and income levels. This will help them better understand the financial capacity of potential tenants and tailor their rental offerings accordingly.
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.