60037

ZIPSAFMR

Lake County, IL

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,690	$1,860	5.5%
1 BR	$1,800	$1,980	5.1%
2 BR	$2,030	$2,230	4.9%
3 BR	$2,610	$2,870	5.2%
4 BR	$2,980	$3,280	4.0%
5 BR	$3,427	Not available	4.0%
6 BR	$3,941	Not available	4.0%
7 BR	$4,532	Not available	4.0%
8 BR	$5,212	Not available	4.0%

Purchase Price Calculator

Maximum purchase price

$269,461

Cost breakdown

+Likely effective rent$2,230

HUD FMR$2,030

Market rent$3,010

Est. payment standard (110%)Used$2,230

-Principal and interest-$1,363

Loan amount$215,568

Down payment$53,892

Rate6.50%

Term30 years

-Operating costs-$667

Property taxes-$269

Insurance-$175

Utilities$0

HOA$0

Management-$223

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$35,642(66.1% ROI)

Projected value

$290,180

Return breakdown

Property appreciation+$20,719

Loan principal paid down+$7,723

Rental cash flow+$7,200

5-year hold

+$61,182(113.5% ROI)

Projected value

$304,870

Return breakdown

Property appreciation+$35,409

Loan principal paid down+$13,773

Rental cash flow+$12,000

10-year hold

+$132,290(245.5% ROI)

Projected value

$344,932

Return breakdown

Property appreciation+$75,472

Loan principal paid down+$32,818

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.79ratio

FMR$1,690

Market$2,140

vs market-$450

FMR is below market; voucher rent may lag private rents.

0.79

1 BR

0.77ratio

FMR$1,800

Market$2,350

vs market-$550

FMR is below market; voucher rent may lag private rents.

0.77

2 BR

0.67ratio

FMR$2,030

Market$3,010

vs market-$980

FMR is below market; voucher rent may lag private rents.

0.67

3 BR

0.77ratio

FMR$2,610

Market$3,380

vs market-$770

FMR is below market; voucher rent may lag private rents.

0.77

4 BR

0.55ratio

FMR$2,980

Market$5,400

vs market-$2,420

FMR is below market; voucher rent may lag private rents.

0.55

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 60037 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60037 (Fort Sheridan, IL) is $2,030 a month. That is up 12.2% from $1,810 in FY 2026. Fort Sheridan is in the Chicago-Joliet-Naperville, IL HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 39 ZIP codes in Lake County, 60037 is tied for the 26th-highest two-bedroom rent (county range $1,440–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60037 is 112% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60037
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,500	$1,690	+12.7%	$1,521–$1,859
1BR	$1,610	$1,800	+11.8%	$1,620–$1,980
2BR	$1,810	$2,030	+12.2%	$1,827–$2,233
3BR	$2,330	$2,610	+12.0%	$2,349–$2,871
4BR	$2,700	$2,980	+10.4%	$2,682–$3,278

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60037
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,690	$1,800	$2,030	$2,610	$2,980
FY 2026	$1,500	$1,610	$1,810	$2,330	$2,700
FY 2025	$1,480	$1,590	$1,790	$2,300	$2,700
FY 2024	$1,440	$1,550	$1,760	$2,240	$2,650
FY 2023	$1,190	$1,290	$1,480	$1,880	$2,230

Two-bedroom rent in nearby Lake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 60037
60030	$2,210	+8.9%
60031	$2,310	+13.8%
60035	$2,670	+31.5%
60037Current	$2,030	—
60040	$2,550	+25.6%
60041	$1,440	−29.1%
60042	$2,540	+25.1%
60044	$2,280	+12.3%
60045	$2,960	+45.8%
60046	$2,290	+12.8%
60047	$2,640	+30.0%
60048	$2,220	+9.4%

Questions about ZIP 60037 rents

How much will Section 8 pay for a two-bedroom in ZIP 60037?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,030, that basic range is $1,827 to $2,233 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 60037 in?

ZIP 60037 is in the Chicago-Joliet-Naperville, IL HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 60037 for FY 2027?

The two-bedroom FMR rose 12.2%, from $1,810 in FY 2026 to $2,030 in FY 2027. Since FY 2023 it has risen 37.2%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rent Fort Sheridan, IL fair market rent IL statewide rents What is SAFMR?Data sources