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Cook County/Mount Prospect/60056

60056

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

93Below average

095130300
BRFMR
Eff. Rent
0 BR$1,700$1,870
1 BR$1,810$1,890
2 BR$2,040$2,230
3 BR$2,620$2,850
4 BR$3,000$3,300
5 BR$3,450Not available
6 BR$3,967Not available
7 BR$4,563Not available
8 BR$5,247Not available

Purchase Price Calculator

Maximum purchase price
$269,461

Cost breakdown

+Likely effective rent$2,230
HUD FMR$2,040
Market rent$2,330
Est. payment standard (109%)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

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

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Rolodex

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Market Alignment

Studio
0.85
1 BR
0.93
2 BR
0.88
3 BR
0.88
4 BR
0.85
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60056 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60056 (Mount Prospect, IL) is $2,040 a month. That is up 6.8% from $1,910 in FY 2026. Mount Prospect 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 222 ZIP codes in Cook County, 60056 has the 91st-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60056 is 113% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60056
BedroomsFY 2027Change90–110% range
Studio$1,700+6.9%$1,530–$1,870
1BR$1,810+6.5%$1,629–$1,991
2BR$2,040+6.8%$1,836–$2,244
3BR$2,620+6.5%$2,358–$2,882
4BR$3,000+5.3%$2,700–$3,300

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60056
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,700$1,810$2,040$2,620$3,000
FY 2026$1,590$1,700$1,910$2,460$2,850
FY 2025$1,550$1,660$1,870$2,400$2,820
FY 2024$1,490$1,600$1,820$2,320$2,740
FY 2023$1,240$1,340$1,540$1,950$2,320

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60056
60043$2,880+41.2%
60047$2,640+29.4%
60053$3,020+48.0%
60055$1,980−2.9%
60056Current$2,040—
60062$2,650+29.9%
60065$1,980−2.9%
60067$2,130+4.4%
60068$2,090+2.5%
60070$1,930−5.4%
60074$2,170+6.4%
60076$2,220+8.8%

Questions about ZIP 60056 rents

How much will Section 8 pay for a two-bedroom in ZIP 60056?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,040, that basic range is $1,836 to $2,244 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 60056 in?

ZIP 60056 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 60056 for FY 2027?

The two-bedroom FMR rose 6.8%, from $1,910 in FY 2026 to $2,040 in FY 2027. Since FY 2023 it has risen 32.5%.

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 rentMount Prospect, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources