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Cook County/Lansing/60438

60438

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

178High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,490$1,240
1 BR$1,580$1,300
2 BR$1,780$1,720
3 BR$2,290$2,280
4 BR$2,610$2,660
5 BR$3,001Not available
6 BR$3,452Not available
7 BR$3,969Not available
8 BR$4,565Not available

Purchase Price Calculator

Maximum purchase price
$193,675

Cost breakdown

+Likely effective rent$1,720
HUD FMR$1,780
Market rentUsed$1,720
Est. payment standard (98%)$1,740
-Principal and interest-$979
Loan amount$154,940
Down payment$38,735
Rate6.50%
Term30 years
-Operating costs-$541
Property taxes-$194
Insurance-$175
Utilities$0
HOA$0
Management-$172
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$27,643(71.4% ROI)
Projected value
$208,567
Return breakdown
Property appreciation+$14,892
Loan principal paid down+$5,551
Rental cash flow+$7,200
5-year hold
+$47,350(122.2% ROI)
Projected value
$219,125
Return breakdown
Property appreciation+$25,450
Loan principal paid down+$9,899
Rental cash flow+$12,000
10-year hold
+$101,833(262.9% ROI)
Projected value
$247,920
Return breakdown
Property appreciation+$54,245
Loan principal paid down+$23,588
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.20
1 BR
1.22
2 BR
1.03
3 BR
1.00
4 BR
0.97
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60438 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60438 (Lansing, IL) is $1,780 a month. That is up 13.4% from $1,570 in FY 2026. Lansing 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, 60438 is tied for the 167th-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60438 is 86% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60438
BedroomsFY 2027Change90–110% range
Studio$1,490+14.6%$1,341–$1,639
1BR$1,580+13.7%$1,422–$1,738
2BR$1,780+13.4%$1,602–$1,958
3BR$2,290+13.4%$2,061–$2,519
4BR$2,610+11.5%$2,349–$2,871

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60438
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,490$1,580$1,780$2,290$2,610
FY 2026$1,300$1,390$1,570$2,020$2,340
FY 2025$1,270$1,360$1,530$1,970$2,310
FY 2024$1,210$1,300$1,480$1,880$2,230
FY 2023$1,010$1,100$1,260$1,600$1,900

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60438
60425$2,170+21.9%
60426$1,470−17.4%
60428$2,290+28.7%
60429$1,980+11.2%
60430$1,960+10.1%
60438Current$1,780—
60439$1,650−7.3%
60443$2,230+25.3%
60445$1,630−8.4%
60448$1,950+9.6%
60449$1,980+11.2%
60452$1,820+2.2%

Questions about ZIP 60438 rents

How much will Section 8 pay for a two-bedroom in ZIP 60438?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,780, that basic range is $1,602 to $1,958 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 60438 in?

ZIP 60438 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 60438 for FY 2027?

The two-bedroom FMR rose 13.4%, from $1,570 in FY 2026 to $1,780 in FY 2027. Since FY 2023 it has risen 41.3%.

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