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DuPage County/Downers Grove/60516

60516

ZIPSAFMR
DuPage County, IL
Zillow

ZIP Investment Score

78Below average

095130300
BRFMR
Eff. Rent
0 BR$1,920$1,420
1 BR$2,040$1,590
2 BR$2,300$2,180
3 BR$2,960$2,500
4 BR$3,380$2,900
5 BR$3,887Not available
6 BR$4,470Not available
7 BR$5,141Not available
8 BR$5,912Not available

Purchase Price Calculator

Maximum purchase price
$262,031

Cost breakdown

+Likely effective rent$2,180
HUD FMR$2,300
Market rentUsed$2,180
Est. payment standard (97%)$2,220
-Principal and interest-$1,325
Loan amount$209,624
Down payment$52,406
Rate6.50%
Term30 years
-Operating costs-$655
Property taxes-$262
Insurance-$175
Utilities$0
HOA$0
Management-$218
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$34,858(66.5% ROI)
Projected value
$282,178
Return breakdown
Property appreciation+$20,148
Loan principal paid down+$7,510
Rental cash flow+$7,200
5-year hold
+$59,826(114.2% ROI)
Projected value
$296,464
Return breakdown
Property appreciation+$34,433
Loan principal paid down+$13,393
Rental cash flow+$12,000
10-year hold
+$129,304(246.7% ROI)
Projected value
$335,421
Return breakdown
Property appreciation+$73,391
Loan principal paid down+$31,913
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.35
1 BR
1.28
2 BR
1.06
3 BR
1.18
4 BR
1.17
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60516 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60516 (Downers Grove, IL) is $2,300 a month. That is up 10.6% from $2,080 in FY 2026. Downers Grove 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 55 ZIP codes in DuPage County, 60516 has the 25th-highest two-bedroom rent (county range $1,380–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60516 is 140% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60516
BedroomsFY 2027Change90–110% range
Studio$1,920+11.0%$1,728–$2,112
1BR$2,040+10.3%$1,836–$2,244
2BR$2,300+10.6%$2,070–$2,530
3BR$2,960+10.4%$2,664–$3,256
4BR$3,380+9.0%$3,042–$3,718

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60516
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,920$2,040$2,300$2,960$3,380
FY 2026$1,730$1,850$2,080$2,680$3,100
FY 2025$1,710$1,830$2,070$2,660$3,120
FY 2024$1,650$1,780$2,020$2,570$3,040
FY 2023$1,350$1,460$1,680$2,130$2,530

Two-bedroom rent in nearby DuPage County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60516
60502$2,730+18.7%
60504$2,700+17.4%
60514$1,710−25.7%
60515$2,340+1.7%
60516Current$2,300—
60517$2,040−11.3%
60519$2,730+18.7%
60521$2,670+16.1%
60522$2,280−0.9%
60523$1,380−40.0%
60527$2,180−5.2%
60532$2,380+3.5%

Questions about ZIP 60516 rents

How much will Section 8 pay for a two-bedroom in ZIP 60516?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,300, that basic range is $2,070 to $2,530 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 60516 in?

ZIP 60516 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 60516 for FY 2027?

The two-bedroom FMR rose 10.6%, from $2,080 in FY 2026 to $2,300 in FY 2027. Since FY 2023 it has risen 36.9%.

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