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Cook County/Steger/60475

60475

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

191High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,190$1,240
1 BR$1,270$1,400
2 BR$1,430$1,570
3 BR$1,840$1,980
4 BR$2,100$2,310
5 BR$2,415Not available
6 BR$2,777Not available
7 BR$3,194Not available
8 BR$3,673Not available

Purchase Price Calculator

Maximum purchase price
$171,385

Cost breakdown

+Likely effective rent$1,570
HUD FMR$1,430
Market rent$1,760
Est. payment standard (110%)Used$1,570
-Principal and interest-$867
Loan amount$137,108
Down payment$34,277
Rate6.50%
Term30 years
-Operating costs-$503
Property taxes-$171
Insurance-$175
Utilities$0
HOA$0
Management-$157
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,290(73.8% ROI)
Projected value
$184,563
Return breakdown
Property appreciation+$13,178
Loan principal paid down+$4,912
Rental cash flow+$7,200
5-year hold
+$43,281(126.3% ROI)
Projected value
$193,906
Return breakdown
Property appreciation+$22,521
Loan principal paid down+$8,760
Rental cash flow+$12,000
10-year hold
+$92,875(271.0% ROI)
Projected value
$219,387
Return breakdown
Property appreciation+$48,002
Loan principal paid down+$20,873
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.94
1 BR
0.80
2 BR
0.81
3 BR
0.90
4 BR
0.80
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60475 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60475 (Steger, IL) is $1,430 a month. That is up 12.6% from $1,270 in FY 2026. Steger 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, 60475 has the 220th-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60475 is 49% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60475
BedroomsFY 2027Change90–110% range
Studio$1,190+12.3%$1,071–$1,309
1BR$1,270+12.4%$1,143–$1,397
2BR$1,430+12.6%$1,287–$1,573
3BR$1,840+12.2%$1,656–$2,024
4BR$2,100+11.1%$1,890–$2,310

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60475
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,190$1,270$1,430$1,840$2,100
FY 2026$1,060$1,130$1,270$1,640$1,890
FY 2025$1,050$1,120$1,270$1,630$1,920
FY 2024$1,070$1,150$1,310$1,670$1,970
FY 2023$920$990$1,140$1,450$1,720

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60475
60466$1,980+38.5%
60467$2,880+101.4%
60469$1,910+33.6%
60471$1,880+31.5%
60472$2,030+42.0%
60473$2,680+87.4%
60475Current$1,430—
60476$1,610+12.6%
60477$2,010+40.6%
60478$2,430+69.9%
60480$2,010+40.6%
60482$1,610+12.6%

Questions about ZIP 60475 rents

How much will Section 8 pay for a two-bedroom in ZIP 60475?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,430, that basic range is $1,287 to $1,573 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 60475 in?

ZIP 60475 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 60475 for FY 2027?

The two-bedroom FMR rose 12.6%, from $1,270 in FY 2026 to $1,430 in FY 2027. Since FY 2023 it has risen 25.4%.

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