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Cook County/Evanston/60202

60202

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

82Below average

095130300
BRFMR
Eff. Rent
0 BR$2,050$1,300
1 BR$2,180$1,450
2 BR$2,460$2,070
3 BR$3,160$2,690
4 BR$3,610$2,600
5 BR$4,152Not available
6 BR$4,774Not available
7 BR$5,490Not available
8 BR$6,314Not available

Purchase Price Calculator

Maximum purchase price
$245,685

Cost breakdown

+Likely effective rent$2,070
HUD FMR$2,460
Market rentUsed$2,070
Est. payment standard (90%)$2,210
-Principal and interest-$1,242
Loan amount$196,548
Down payment$49,137
Rate6.50%
Term30 years
-Operating costs-$628
Property taxes-$246
Insurance-$175
Utilities$0
HOA$0
Management-$207
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$33,133(67.4% ROI)
Projected value
$264,576
Return breakdown
Property appreciation+$18,891
Loan principal paid down+$7,042
Rental cash flow+$7,200
5-year hold
+$56,842(115.7% ROI)
Projected value
$277,970
Return breakdown
Property appreciation+$32,285
Loan principal paid down+$12,557
Rental cash flow+$12,000
10-year hold
+$122,735(249.8% ROI)
Projected value
$314,497
Return breakdown
Property appreciation+$68,812
Loan principal paid down+$29,922
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.58
1 BR
1.50
2 BR
1.19
3 BR
1.17
4 BR
1.39
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60202 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60202 (Evanston, IL) is $2,460 a month. That is up 13.4% from $2,170 in FY 2026. Evanston 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, 60202 is tied for the 52nd-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60202 is 157% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60202
BedroomsFY 2027Change90–110% range
Studio$2,050+13.9%$1,845–$2,255
1BR$2,180+13.0%$1,962–$2,398
2BR$2,460+13.4%$2,214–$2,706
3BR$3,160+13.3%$2,844–$3,476
4BR$3,610+11.8%$3,249–$3,971

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60202
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,050$2,180$2,460$3,160$3,610
FY 2026$1,800$1,930$2,170$2,790$3,230
FY 2025$1,750$1,870$2,110$2,710$3,180
FY 2024$1,650$1,780$2,020$2,570$3,040
FY 2023$1,360$1,470$1,690$2,140$2,550

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60202
60173$2,470+0.4%
60176$1,720−30.1%
60192$3,020+22.8%
60193$2,640+7.3%
60194$2,610+6.1%
60195$2,390−2.8%
60196$1,980−19.5%
60201$2,630+6.9%
60202Current$2,460—
60203$2,570+4.5%
60204$1,980−19.5%
60208$2,630+6.9%

Questions about ZIP 60202 rents

How much will Section 8 pay for a two-bedroom in ZIP 60202?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,460, that basic range is $2,214 to $2,706 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 60202 in?

ZIP 60202 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 60202 for FY 2027?

The two-bedroom FMR rose 13.4%, from $2,170 in FY 2026 to $2,460 in FY 2027. Since FY 2023 it has risen 45.6%.

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