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Cook County/Palatine/60038

60038

ZIPFMR
Cook County, IL
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$1,678$1,850
1 BR$1,780$1,960
2 BR$2,011$2,190
3 BR$2,586$2,760
4 BR$2,954$3,250
5 BR$3,397Not available
6 BR$3,907Not available
7 BR$4,493Not available
8 BR$5,167Not available

Purchase Price Calculator

Maximum purchase price
$263,517

Cost breakdown

+Likely effective rent$2,190
HUD FMR$2,011
Market rent$2,290
Est. payment standard (109%)Used$2,190
-Principal and interest-$1,332
Loan amount$210,813
Down payment$52,703
Rate6.50%
Term30 years
-Operating costs-$658
Property taxes-$264
Insurance-$175
Utilities$0
HOA$0
Management-$219
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$35,015(66.4% ROI)
Projected value
$283,779
Return breakdown
Property appreciation+$20,262
Loan principal paid down+$7,553
Rental cash flow+$7,200
5-year hold
+$60,097(114.0% ROI)
Projected value
$298,145
Return breakdown
Property appreciation+$34,628
Loan principal paid down+$13,469
Rental cash flow+$12,000
10-year hold
+$129,901(246.5% ROI)
Projected value
$337,324
Return breakdown
Property appreciation+$73,807
Loan principal paid down+$32,094
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.80
1 BR
0.86
2 BR
0.88
3 BR
0.91
4 BR
0.83
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 60038 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 60038 (Palatine, IL) is $2,011 a month. That is up 12.9% from $1,781 in FY 2026. Palatine 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. The median county two-bedroom FMR in Illinois is $958, so ZIP 60038 is 110% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60038
BedroomsFY 2027Change90–110% range
Studio$1,678+13.4%$1,510–$1,846
1BR$1,780+12.6%$1,602–$1,958
2BR$2,011+12.9%$1,810–$2,212
3BR$2,586+12.7%$2,327–$2,845
4BR$2,954+11.3%$2,659–$3,249

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60038
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,678$1,780$2,011$2,586$2,954
FY 2026$1,480$1,581$1,781$2,294$2,653
FY 2025$1,458$1,560$1,761$2,262$2,657
FY 2024$1,399$1,507$1,714$2,182$2,583
FY 2023$1,158$1,255$1,440$1,827$2,172

Questions about ZIP 60038 rents

How much will Section 8 pay for a two-bedroom in ZIP 60038?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,011, that basic range is $1,810 to $2,212 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 60038 in?

ZIP 60038 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 60038 for FY 2027?

The two-bedroom FMR rose 12.9%, from $1,781 in FY 2026 to $2,011 in FY 2027. Since FY 2023 it has risen 39.7%.

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 Fair Market Rents. 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 rentPalatine, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources