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 |
Without precise local income figures, it's challenging to determine if the typical household can afford the market rate rents. The FMR of $1680 serves as a benchmark for voucher payments, indicating the level at which the government deems housing affordable for low-income families. If the market rate exceeds this figure, many renters may struggle to pay without assistance.
The affordability gap suggests that landlords in ZIP 60695 could face stiff competition for tenants willing to pay above the FMR. This means that properties priced higher than $1680 might remain vacant longer, especially if there is a high percentage of renters in the area.
For landlords considering their strategy, the takeaway is clear: properties priced near or below the FMR of $1680 are likely to attract more tenants, particularly those utilizing housing vouchers. However, landlords should also consider the benefits of cash-paying tenants who may offer more consistent rental income and potentially fewer administrative requirements associated with voucher programs.
To make an informed decision, landlords should monitor local rental trends and tenant preferences closely. Balancing between accepting voucher payments to fill vacancies and seeking higher-paying, cash-paying tenants can be a strategic approach to maximizing occupancy and revenue in ZIP 60695.
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.