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Cook County/Frankfort/60423

60423

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

95Below average

095130300
BRFMR
Eff. Rent
0 BR$1,720$1,890
1 BR$1,820$1,970
2 BR$2,060$2,270
3 BR$2,650$2,660
4 BR$3,030$3,300
5 BR$3,484Not available
6 BR$4,007Not available
7 BR$4,608Not available
8 BR$5,299Not available

Purchase Price Calculator

Maximum purchase price
$275,405

Cost breakdown

+Likely effective rent$2,270
HUD FMR$2,060
Market rent$2,470
Est. payment standard (110%)Used$2,270
-Principal and interest-$1,393
Loan amount$220,324
Down payment$55,081
Rate6.50%
Term30 years
-Operating costs-$677
Property taxes-$275
Insurance-$175
Utilities$0
HOA$0
Management-$227
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$36,270(65.8% ROI)
Projected value
$296,581
Return breakdown
Property appreciation+$21,176
Loan principal paid down+$7,894
Rental cash flow+$7,200
5-year hold
+$62,267(113.0% ROI)
Projected value
$311,595
Return breakdown
Property appreciation+$36,190
Loan principal paid down+$14,077
Rental cash flow+$12,000
10-year hold
+$134,678(244.5% ROI)
Projected value
$352,541
Return breakdown
Property appreciation+$77,137
Loan principal paid down+$33,542
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.81
1 BR
0.89
2 BR
0.83
3 BR
1.00
4 BR
0.88
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60423 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60423 (Frankfort, IL) is $2,060 a month. That is up 12.0% from $1,840 in FY 2026. Frankfort 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, 60423 has the 89th-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60423 is 115% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60423
BedroomsFY 2027Change90–110% range
Studio$1,720+12.4%$1,548–$1,892
1BR$1,820+11.7%$1,638–$2,002
2BR$2,060+12.0%$1,854–$2,266
3BR$2,650+11.8%$2,385–$2,915
4BR$3,030+10.6%$2,727–$3,333

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60423
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,720$1,820$2,060$2,650$3,030
FY 2026$1,530$1,630$1,840$2,370$2,740
FY 2025$1,530$1,640$1,850$2,380$2,790
FY 2024$1,480$1,590$1,810$2,300$2,730
FY 2023$1,290$1,390$1,600$2,030$2,410

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60423
60412$1,980−3.9%
60415$1,730−16.0%
60417$1,840−10.7%
60418$1,780−13.6%
60419$2,020−1.9%
60422$3,020+46.6%
60423Current$2,060—
60425$2,170+5.3%
60426$1,470−28.6%
60428$2,290+11.2%
60429$1,980−3.9%
60430$1,960−4.9%

Questions about ZIP 60423 rents

How much will Section 8 pay for a two-bedroom in ZIP 60423?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,060, that basic range is $1,854 to $2,266 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 60423 in?

ZIP 60423 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 60423 for FY 2027?

The two-bedroom FMR rose 12.0%, from $1,840 in FY 2026 to $2,060 in FY 2027. Since FY 2023 it has risen 28.7%.

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