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Will County/Lockport/60441

60441

ZIPSAFMR
Will County, IL
Zillow

ZIP Investment Score

88Below average

095130300
BRFMR
Eff. Rent
0 BR$1,770$1,570
1 BR$1,880$1,580
2 BR$2,120$1,810
3 BR$2,730$2,230
4 BR$3,110$2,450
5 BR$3,576Not available
6 BR$4,113Not available
7 BR$4,730Not available
8 BR$5,439Not available

Purchase Price Calculator

Maximum purchase price
$207,049

Cost breakdown

+Likely effective rent$1,810
HUD FMR$2,120
Market rentUsed$1,810
Est. payment standard (90%)$1,920
-Principal and interest-$1,047
Loan amount$165,639
Down payment$41,410
Rate6.50%
Term30 years
-Operating costs-$563
Property taxes-$207
Insurance-$175
Utilities$0
HOA$0
Management-$181
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$29,055(70.2% ROI)
Projected value
$222,969
Return breakdown
Property appreciation+$15,920
Loan principal paid down+$5,934
Rental cash flow+$7,200
5-year hold
+$49,791(120.2% ROI)
Projected value
$234,257
Return breakdown
Property appreciation+$27,208
Loan principal paid down+$10,583
Rental cash flow+$12,000
10-year hold
+$107,208(258.9% ROI)
Projected value
$265,040
Return breakdown
Property appreciation+$57,991
Loan principal paid down+$25,217
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.13
1 BR
1.19
2 BR
1.17
3 BR
1.22
4 BR
1.27
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60441 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60441 (Lockport, IL) is $2,120 a month. That is up 12.8% from $1,880 in FY 2026. Lockport 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, 60441 has the 16th-highest two-bedroom rent (county range $1,260–$3,030). The median county two-bedroom FMR in Illinois is $958, so ZIP 60441 is 121% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60441
BedroomsFY 2027Change90–110% range
Studio$1,770+13.5%$1,593–$1,947
1BR$1,880+12.6%$1,692–$2,068
2BR$2,120+12.8%$1,908–$2,332
3BR$2,730+12.8%$2,457–$3,003
4BR$3,110+11.1%$2,799–$3,421

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60441
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,770$1,880$2,120$2,730$3,110
FY 2026$1,560$1,670$1,880$2,420$2,800
FY 2025$1,570$1,670$1,890$2,430$2,850
FY 2024$1,490$1,600$1,820$2,320$2,740
FY 2023$1,240$1,340$1,540$1,950$2,320

Two-bedroom rent in nearby Will County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60441
60433$1,820−14.2%
60434$2,000−5.7%
60435$1,880−11.3%
60436$1,860−12.3%
60439$1,650−22.2%
60440$2,340+10.4%
60441Current$2,120—
60442$1,600−24.5%
60446$2,570+21.2%
60447$2,010−5.2%
60448$1,950−8.0%
60449$1,980−6.6%

Questions about ZIP 60441 rents

How much will Section 8 pay for a two-bedroom in ZIP 60441?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,120, that basic range is $1,908 to $2,332 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 60441 in?

ZIP 60441 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 60441 for FY 2027?

The two-bedroom FMR rose 12.8%, from $1,880 in FY 2026 to $2,120 in FY 2027. Since FY 2023 it has risen 37.7%.

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