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Lake County/Palatine/60074

60074

ZIPSAFMR
Lake County, IL
Zillow

ZIP Investment Score

117Above average

095130300
BRFMR
Eff. Rent
0 BR$1,810$1,760
1 BR$1,920$1,640
2 BR$2,170$2,110
3 BR$2,790$2,840
4 BR$3,190$3,060
5 BR$3,668Not available
6 BR$4,219Not available
7 BR$4,852Not available
8 BR$5,579Not available

Purchase Price Calculator

Maximum purchase price
$251,629

Cost breakdown

+Likely effective rent$2,110
HUD FMR$2,170
Market rentUsed$2,110
Est. payment standard (98%)$2,130
-Principal and interest-$1,272
Loan amount$201,303
Down payment$50,326
Rate6.50%
Term30 years
-Operating costs-$638
Property taxes-$252
Insurance-$175
Utilities$0
HOA$0
Management-$211
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$33,760(67.1% ROI)
Projected value
$270,977
Return breakdown
Property appreciation+$19,348
Loan principal paid down+$7,212
Rental cash flow+$7,200
5-year hold
+$57,927(115.1% ROI)
Projected value
$284,695
Return breakdown
Property appreciation+$33,066
Loan principal paid down+$12,861
Rental cash flow+$12,000
10-year hold
+$125,123(248.6% ROI)
Projected value
$322,106
Return breakdown
Property appreciation+$70,477
Loan principal paid down+$30,646
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.03
1 BR
1.17
2 BR
1.03
3 BR
0.98
4 BR
1.04
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60074 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60074 (Palatine, IL) is $2,170 a month. That is up 14.2% from $1,900 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. Among 39 ZIP codes in Lake County, 60074 has the 22nd-highest two-bedroom rent (county range $1,440–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60074 is 127% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60074
BedroomsFY 2027Change90–110% range
Studio$1,810+14.6%$1,629–$1,991
1BR$1,920+13.6%$1,728–$2,112
2BR$2,170+14.2%$1,953–$2,387
3BR$2,790+13.9%$2,511–$3,069
4BR$3,190+12.7%$2,871–$3,509

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60074
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,810$1,920$2,170$2,790$3,190
FY 2026$1,580$1,690$1,900$2,450$2,830
FY 2025$1,530$1,640$1,850$2,380$2,790
FY 2024$1,450$1,560$1,780$2,270$2,680
FY 2023$1,210$1,310$1,500$1,900$2,260

Two-bedroom rent in nearby Lake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60074
60061$2,620+20.7%
60064$1,600−26.3%
60069$3,020+39.2%
60073$2,150−0.9%
60074Current$2,170—
60075$1,680−22.6%
60079$2,030−6.5%
60081$1,660−23.5%
60083$2,400+10.6%
60084$1,820−16.1%
60085$1,720−20.7%
60087$1,840−15.2%

Questions about ZIP 60074 rents

How much will Section 8 pay for a two-bedroom in ZIP 60074?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,170, that basic range is $1,953 to $2,387 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 60074 in?

ZIP 60074 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 60074 for FY 2027?

The two-bedroom FMR rose 14.2%, from $1,900 in FY 2026 to $2,170 in FY 2027. Since FY 2023 it has risen 44.7%.

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