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Will County/Shorewood/60404

60404

ZIPSAFMR
Will County, IL
Zillow

ZIP Investment Score

99Above average

095130300
BRFMR
Eff. Rent
0 BR$2,300$2,000
1 BR$2,440$1,980
2 BR$2,760$2,220
3 BR$3,550$2,610
4 BR$4,050$2,780
5 BR$4,658Not available
6 BR$5,356Not available
7 BR$6,160Not available
8 BR$7,083Not available

Purchase Price Calculator

Maximum purchase price
$267,975

Cost breakdown

+Likely effective rent$2,220
HUD FMR$2,760
Market rentUsed$2,220
Est. payment standard (90%)$2,480
-Principal and interest-$1,355
Loan amount$214,380
Down payment$53,595
Rate6.50%
Term30 years
-Operating costs-$665
Property taxes-$268
Insurance-$175
Utilities$0
HOA$0
Management-$222
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$35,485(66.2% ROI)
Projected value
$288,579
Return breakdown
Property appreciation+$20,605
Loan principal paid down+$7,681
Rental cash flow+$7,200
5-year hold
+$60,911(113.7% ROI)
Projected value
$303,189
Return breakdown
Property appreciation+$35,214
Loan principal paid down+$13,697
Rental cash flow+$12,000
10-year hold
+$131,692(245.7% ROI)
Projected value
$343,030
Return breakdown
Property appreciation+$75,056
Loan principal paid down+$32,637
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.15
1 BR
1.23
2 BR
1.24
3 BR
1.36
4 BR
1.46
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60404 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60404 (Shorewood, IL) is $2,760 a month. That is up 15.5% from $2,390 in FY 2026. Shorewood 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 49 ZIP codes in Will County, 60404 has the 7th-highest two-bedroom rent (county range $1,260–$3,030). The median county two-bedroom FMR in Illinois is $958, so ZIP 60404 is 188% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60404
BedroomsFY 2027Change90–110% range
Studio$2,300+15.6%$2,070–$2,530
1BR$2,440+15.1%$2,196–$2,684
2BR$2,760+15.5%$2,484–$3,036
3BR$3,550+15.3%$3,195–$3,905
4BR$4,050+13.8%$3,645–$4,455

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60404
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,300$2,440$2,760$3,550$4,050
FY 2026$1,990$2,120$2,390$3,080$3,560
FY 2025$1,900$2,040$2,300$2,950$3,470
FY 2024$1,740$1,870$2,130$2,710$3,210
FY 2023$1,440$1,560$1,790$2,270$2,700

Two-bedroom rent in nearby Will County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60404
60401$1,590−42.4%
60403$1,930−30.1%
60404Current$2,760—
60407$1,890−31.5%
60408$1,590−42.4%
60410$2,320−15.9%
60411$1,690−38.8%
60416$1,540−44.2%
60417$1,840−33.3%
60421$1,560−43.5%
60423$2,060−25.4%
60431$1,950−29.3%

Questions about ZIP 60404 rents

How much will Section 8 pay for a two-bedroom in ZIP 60404?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,760, that basic range is $2,484 to $3,036 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 60404 in?

ZIP 60404 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 60404 for FY 2027?

The two-bedroom FMR rose 15.5%, from $2,390 in FY 2026 to $2,760 in FY 2027. Since FY 2023 it has risen 54.2%.

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