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 60697 in Illinois presents a unique challenge due to the lack of specific population and rental statistics. However, based on the available data, it's possible to infer some key points about the suitability of this area for landlords interested in Section 8 tenants.
The absence of a specified percentage of renters means that we cannot definitively state whether this is a renter-heavy ZIP with deep voucher demand or an area dominated by homeowners. Nonetheless, the fact that there is no median household income figure provided suggests a potentially diverse economic landscape, which could include both high-income and low-income households.
In the context of Section 8, the Fair Market Rent (FMR) is a crucial benchmark. For ZIP 60697, the FMR is set at $1680 for fiscal year 2024. This figure represents the maximum amount that a Section 8 voucher holder can pay towards rent, making it a significant consideration for landlords who wish to attract these tenants.
Without precise data on local market rents, it's challenging to determine exactly what percentage of local income is typically consumed by rent. However, the FMR provides a reference point for landlords to ensure their rental rates align with the financial capabilities of potential Section 8 tenants.
The expected tenant profile in ZIP 60697 would be individuals and families who rely on government assistance to cover housing costs. These tenants would likely have a household income below the area median, and they would be seeking affordable housing options that do not exceed the FMR threshold of $1680. Landlords should prepare for tenants who require stable and reliable housing, often with a need for flexible lease terms and support services.
To make informed decisions, landlords and small-portfolio investors should consult local housing authorities and real estate agents for up-to-date information on the rental market and tenant demographics in ZIP 60697. This will provide a clearer picture of the demand for Section 8 vouchers and help tailor their investment strategies 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.