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Cook County/Tinley Park/60487

60487

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

106Above average

095130300
BRFMR
Eff. Rent
0 BR$1,640$1,770
1 BR$1,740$1,760
2 BR$1,970$2,090
3 BR$2,530$2,670
4 BR$2,890$3,070
5 BR$3,323Not available
6 BR$3,822Not available
7 BR$4,395Not available
8 BR$5,055Not available

Purchase Price Calculator

Maximum purchase price
$248,657

Cost breakdown

+Likely effective rent$2,090
HUD FMR$1,970
Market rent$2,150
Est. payment standard (106%)Used$2,090
-Principal and interest-$1,257
Loan amount$198,925
Down payment$49,731
Rate6.50%
Term30 years
-Operating costs-$633
Property taxes-$249
Insurance-$175
Utilities$0
HOA$0
Management-$209
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$33,446(67.3% ROI)
Projected value
$267,776
Return breakdown
Property appreciation+$19,119
Loan principal paid down+$7,127
Rental cash flow+$7,200
5-year hold
+$57,385(115.4% ROI)
Projected value
$281,332
Return breakdown
Property appreciation+$32,676
Loan principal paid down+$12,709
Rental cash flow+$12,000
10-year hold
+$123,929(249.2% ROI)
Projected value
$318,302
Return breakdown
Property appreciation+$69,645
Loan principal paid down+$30,284
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.89
1 BR
0.98
2 BR
0.92
3 BR
0.92
4 BR
0.91
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60487 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60487 (Tinley Park, IL) is $1,970 a month. That is up 11.9% from $1,760 in FY 2026. Tinley Park 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, 60487 is tied for the 139th-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60487 is 106% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60487
BedroomsFY 2027Change90–110% range
Studio$1,640+12.3%$1,476–$1,804
1BR$1,740+11.5%$1,566–$1,914
2BR$1,970+11.9%$1,773–$2,167
3BR$2,530+11.5%$2,277–$2,783
4BR$2,890+10.3%$2,601–$3,179

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60487
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,640$1,740$1,970$2,530$2,890
FY 2026$1,460$1,560$1,760$2,270$2,620
FY 2025$1,440$1,540$1,740$2,230$2,630
FY 2024$1,360$1,460$1,660$2,110$2,500
FY 2023$1,130$1,230$1,410$1,790$2,130

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60487
60473$2,680+36.0%
60475$1,430−27.4%
60476$1,610−18.3%
60477$2,010+2.0%
60478$2,430+23.4%
60480$2,010+2.0%
60482$1,610−18.3%
60484$2,260+14.7%
60487Current$1,970—
60491$2,340+18.8%
60499$1,980+0.5%
60501$1,530−22.3%

Questions about ZIP 60487 rents

How much will Section 8 pay for a two-bedroom in ZIP 60487?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,970, that basic range is $1,773 to $2,167 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 60487 in?

ZIP 60487 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 60487 for FY 2027?

The two-bedroom FMR rose 11.9%, from $1,760 in FY 2026 to $1,970 in FY 2027. Since FY 2023 it has risen 39.7%.

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