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Lake County/Lake Forest/60045

60045

ZIPSAFMR
Lake County, IL
Zillow

ZIP Investment Score

57Below average

095130300
BRFMR
Eff. Rent
0 BR$2,470$2,260
1 BR$2,620$2,480
2 BR$2,960$3,100
3 BR$3,810$3,380
4 BR$4,350$4,790
5 BR$5,003Not available
6 BR$5,753Not available
7 BR$6,616Not available
8 BR$7,608Not available

Purchase Price Calculator

Maximum purchase price
$398,742

Cost breakdown

+Likely effective rent$3,100
HUD FMR$2,960
Market rent$3,170
Est. payment standard (105%)Used$3,100
-Principal and interest-$2,016
Loan amount$318,994
Down payment$79,748
Rate6.50%
Term30 years
-Operating costs-$884
Property taxes-$399
Insurance-$175
Utilities$0
HOA$0
Management-$310
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$49,288(61.8% ROI)
Projected value
$429,402
Return breakdown
Property appreciation+$30,660
Loan principal paid down+$11,429
Rental cash flow+$7,200
5-year hold
+$84,779(106.3% ROI)
Projected value
$451,140
Return breakdown
Property appreciation+$52,398
Loan principal paid down+$20,381
Rental cash flow+$12,000
10-year hold
+$184,245(231.0% ROI)
Projected value
$510,424
Return breakdown
Property appreciation+$111,682
Loan principal paid down+$48,563
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.09
1 BR
1.06
2 BR
0.93
3 BR
1.13
4 BR
0.79
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60045 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60045 (Lake Forest, IL) is $2,960 a month. That is up 10.9% from $2,670 in FY 2026. Lake Forest 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, 60045 has the 5th-highest two-bedroom rent (county range $1,440–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60045 is 209% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60045
BedroomsFY 2027Change90–110% range
Studio$2,470+11.3%$2,223–$2,717
1BR$2,620+10.5%$2,358–$2,882
2BR$2,960+10.9%$2,664–$3,256
3BR$3,810+10.8%$3,429–$4,191
4BR$4,350+9.3%$3,915–$4,785

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60045
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,470$2,620$2,960$3,810$4,350
FY 2026$2,220$2,370$2,670$3,440$3,980
FY 2025$2,190$2,340$2,640$3,390$3,980
FY 2024$2,100$2,260$2,570$3,270$3,870
FY 2023$1,740$1,880$2,160$2,740$3,260

Two-bedroom rent in nearby Lake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60045
60035$2,670−9.8%
60037$2,030−31.4%
60040$2,550−13.9%
60041$1,440−51.4%
60042$2,540−14.2%
60044$2,280−23.0%
60045Current$2,960—
60046$2,290−22.6%
60047$2,640−10.8%
60048$2,220−25.0%
60050$2,100−29.1%
60051$2,270−23.3%

Questions about ZIP 60045 rents

How much will Section 8 pay for a two-bedroom in ZIP 60045?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,960, that basic range is $2,664 to $3,256 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 60045 in?

ZIP 60045 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 60045 for FY 2027?

The two-bedroom FMR rose 10.9%, from $2,670 in FY 2026 to $2,960 in FY 2027. Since FY 2023 it has risen 37.0%.

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 rentLake Forest, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources