The following example is for the Chicagoland area, but is anyone finding this same pattern for other towns as well? Please chime in!
What’s the difference between a house for rent in Wilmette, Illinois vs Country Club Hills, Illinois?
How investors can target areas where a Housing Voucher (Section 8) will command the largest amount in rental income?
An investor buying a Wilmette single family house for an avg. $1,200,000… a 4BR house can be rented through the Housing Voucher (Sec. 8) program for $2,175/mo. Whereas a 4BR single family house in Country Club Hills with an avg. purchase price of 75,000, also garnishes the same amount of rent, $2,175/mo.!!! Where would you leverage your dollars for the best return on investment?
The accompanying image highlights the most aggressive Housing Voucher rents that an investor can obtain for properties purchased in a sampling of these Chicagoland suburban area.
Investors, or want-to-be investors, can greatly leverage their investment dollars buy targeting purchases in the suburban areas where the average purchase price for a single family home is more attractive, since they will command the same amount of rent (i.e. a 4BR house rent for $2,175, under the Sec. 8 Housing Voucher program).
And, if you're a Section 8 Voucher Holder, would you rather rent that 4BR house in a $1,200,000 property or pay that same amount of rent in a 4BR house of a $75,000 property?
Either way, please feel free to contact me, as you search for the property that fits your needs. And, if you are just comparing current values to your home, you can contact me to obtain that value. With a hassle free CMA (Comparable Market Analysis), you'll KNOW FOR CERTAIN, what your property is worth, as you consider selling your home.
Andre Bowdry, Broker, KW Realty (630) 537-0707
Data in this derived article from MRED Multiple Listing Service & the Housing Authority of Cook County
March 2015rents Stud | 1BR | 2BR | 3BR | 4BR | 5BR | 6BR | 7BR
Barrington 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Barrington Hil 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Country Club H 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Deer Park 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Deerfield 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Evanston 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Flossmoor 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Frankfort 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Hoffman Estat 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Hoffman Estat 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Homewood 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Inverness 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Lincolnwood 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Northfield 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Orland Park 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Palos Heights 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Palos Park 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
South Barringt 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
South Holland 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Streamwood 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Tinley Park 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Wilmette 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
Winnetka 1090 | 1250 | 1500 | 1850 | 2125 | 2450 | 2800 | 3150
