60208

ZIPSAFMR

Cook County, IL

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$2,190	$2,410	16.9%
1 BR	$2,330	$2,560	16.3%
2 BR	$2,630	$2,890	16.1%
3 BR	$3,380	$3,720	16.5%
4 BR	$3,860	$3,980	15.1%
5 BR	$4,439	Not available	15.1%
6 BR	$5,105	Not available	15.1%
7 BR	$5,871	Not available	15.1%
8 BR	$6,751	Not available	15.1%

Purchase Price Calculator

Maximum purchase price

$367,536

Cost breakdown

+Likely effective rent$2,890

HUD FMR$2,630

Market rent$3,690

Est. payment standard (110%)Used$2,890

-Principal and interest-$1,858

Loan amount$294,029

Down payment$73,507

Rate6.50%

Term30 years

-Operating costs-$832

Property taxes-$368

Insurance-$175

Utilities$0

HOA$0

Management-$289

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$45,994(62.6% ROI)

Projected value

$395,796

Return breakdown

Property appreciation+$28,260

Loan principal paid down+$10,534

Rental cash flow+$7,200

5-year hold

+$79,083(107.6% ROI)

Projected value

$415,834

Return breakdown

Property appreciation+$48,297

Loan principal paid down+$18,786

Rental cash flow+$12,000

10-year hold

+$171,704(233.6% ROI)

Projected value

$470,478

Return breakdown

Property appreciation+$102,941

Loan principal paid down+$44,763

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.79ratio

FMR$2,190

Market$2,760

vs market-$570

FMR is below market; voucher rent may lag private rents.

0.79

1 BR

0.78ratio

FMR$2,330

Market$3,000

vs market-$670

FMR is below market; voucher rent may lag private rents.

0.78

2 BR

0.71ratio

FMR$2,630

Market$3,690

vs market-$1,060

FMR is below market; voucher rent may lag private rents.

0.71

3 BR

0.83ratio

FMR$3,380

Market$4,060

vs market-$680

FMR is below market; voucher rent may lag private rents.

0.83

4 BR

0.95ratio

FMR$3,860

Market$4,050

vs market-$190

FMR is near market; voucher and private rents are aligned.

0.95

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 60208 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60208 (Evanston, IL) is $2,630 a month. That is up 11.0% from $2,370 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, 60208 is tied for the 38th-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60208 is 175% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60208
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,970	$2,190	+11.2%	$1,971–$2,409
1BR	$2,100	$2,330	+11.0%	$2,097–$2,563
2BR	$2,370	$2,630	+11.0%	$2,367–$2,893
3BR	$3,050	$3,380	+10.8%	$3,042–$3,718
4BR	$3,530	$3,860	+9.3%	$3,474–$4,246

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60208
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$2,190	$2,330	$2,630	$3,380	$3,860
FY 2026	$1,970	$2,100	$2,370	$3,050	$3,530
FY 2025	$1,960	$2,100	$2,370	$3,040	$3,580
FY 2024	$1,370	$1,480	$1,680	$2,140	$2,530
FY 2023	$1,130	$1,230	$1,410	$1,790	$2,130

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 60208
60173	$2,470	−6.1%
60176	$1,720	−34.6%
60192	$3,020	+14.8%
60193	$2,640	+0.4%
60194	$2,610	−0.8%
60195	$2,390	−9.1%
60196	$1,980	−24.7%
60201	$2,630	0.0%
60202	$2,460	−6.5%
60203	$2,570	−2.3%
60204	$1,980	−24.7%
60208Current	$2,630	—

Questions about ZIP 60208 rents

How much will Section 8 pay for a two-bedroom in ZIP 60208?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,630, that basic range is $2,367 to $2,893 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 60208 in?

ZIP 60208 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 60208 for FY 2027?

The two-bedroom FMR rose 11.0%, from $2,370 in FY 2026 to $2,630 in FY 2027. Since FY 2023 it has risen 86.5%.

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 rent Evanston, IL fair market rent IL statewide rents What is SAFMR?Data sources