Skip to main content
Loading page
Cook County/Chicago/60601

60601

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

29Below average

095130300
BRFMR
Eff. Rent
0 BR$2,520$2,530
1 BR$2,670$2,900
2 BR$3,020$3,320
3 BR$3,880$4,060
4 BR$4,440$3,820
5 BR$5,106Not available
6 BR$5,872Not available
7 BR$6,753Not available
8 BR$7,766Not available

Purchase Price Calculator

Maximum purchase price
$431,434

Cost breakdown

+Likely effective rent$3,320
HUD FMR$3,020
Market rent$3,930
Est. payment standard (110%)Used$3,320
-Principal and interest-$2,182
Loan amount$345,147
Down payment$86,287
Rate6.50%
Term30 years
-Operating costs-$938
Property taxes-$431
Insurance-$175
Utilities$0
HOA$0
Management-$332
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$52,739(61.1% ROI)
Projected value
$464,607
Return breakdown
Property appreciation+$33,173
Loan principal paid down+$12,366
Rental cash flow+$7,200
5-year hold
+$90,746(105.2% ROI)
Projected value
$488,128
Return breakdown
Property appreciation+$56,694
Loan principal paid down+$22,052
Rental cash flow+$12,000
10-year hold
+$197,383(228.8% ROI)
Projected value
$552,272
Return breakdown
Property appreciation+$120,838
Loan principal paid down+$52,545
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.99
1 BR
0.88
2 BR
0.77
3 BR
0.93
4 BR
1.16
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60601 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60601 (Chicago, IL) is $3,020 a month. That is up 13.1% from $2,670 in FY 2026. Chicago 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, 60601 is tied for the highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60601 is 215% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60601
BedroomsFY 2027Change90–110% range
Studio$2,520+13.5%$2,268–$2,772
1BR$2,670+12.7%$2,403–$2,937
2BR$3,020+13.1%$2,718–$3,322
3BR$3,880+12.8%$3,492–$4,268
4BR$4,440+11.6%$3,996–$4,884

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60601
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,520$2,670$3,020$3,880$4,440
FY 2026$2,220$2,370$2,670$3,440$3,980
FY 2025$2,190$2,340$2,640$3,390$3,980
FY 2024$2,100$2,260$2,570$3,270$3,870
FY 2023$1,740$1,880$2,160$2,740$3,260

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60601
60601Current$3,020—
60602$3,0200.0%
60603$2,960−2.0%
60604$3,0200.0%
60605$3,0200.0%
60606$3,0200.0%
60607$3,0200.0%
60608$1,730−42.7%
60609$1,500−50.3%
60610$3,0200.0%
60611$3,0200.0%
60612$2,130−29.5%

Questions about ZIP 60601 rents

How much will Section 8 pay for a two-bedroom in ZIP 60601?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,020, that basic range is $2,718 to $3,322 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 60601 in?

ZIP 60601 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 60601 for FY 2027?

The two-bedroom FMR rose 13.1%, from $2,670 in FY 2026 to $3,020 in FY 2027. Since FY 2023 it has risen 39.8%.

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