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Cook County/Chicago/60615

60615

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

174High yield potential

095130300
BRFMR
Eff. Rent
0 BR$2,040$1,170
1 BR$2,160$1,330
2 BR$2,440$1,990
3 BR$3,140$3,280
4 BR$3,580$3,790
5 BR$4,117Not available
6 BR$4,735Not available
7 BR$5,445Not available
8 BR$6,261Not available

Purchase Price Calculator

Maximum purchase price
$233,797

Cost breakdown

+Likely effective rent$1,990
HUD FMR$2,440
Market rentUsed$1,990
Est. payment standard (90%)$2,200
-Principal and interest-$1,182
Loan amount$187,037
Down payment$46,759
Rate6.50%
Term30 years
-Operating costs-$608
Property taxes-$234
Insurance-$175
Utilities$0
HOA$0
Management-$199
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$31,878(68.2% ROI)
Projected value
$251,773
Return breakdown
Property appreciation+$17,977
Loan principal paid down+$6,701
Rental cash flow+$7,200
5-year hold
+$54,673(116.9% ROI)
Projected value
$264,519
Return breakdown
Property appreciation+$30,723
Loan principal paid down+$11,950
Rental cash flow+$12,000
10-year hold
+$117,957(252.3% ROI)
Projected value
$299,280
Return breakdown
Property appreciation+$65,483
Loan principal paid down+$28,474
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.74
1 BR
1.62
2 BR
1.23
3 BR
0.94
4 BR
0.92
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60615 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60615 (Chicago, IL) is $2,440 a month. That is up 13.0% from $2,160 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, 60615 is tied for the 54th-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60615 is 155% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60615
BedroomsFY 2027Change90–110% range
Studio$2,040+14.0%$1,836–$2,244
1BR$2,160+12.5%$1,944–$2,376
2BR$2,440+13.0%$2,196–$2,684
3BR$3,140+12.9%$2,826–$3,454
4BR$3,580+11.2%$3,222–$3,938

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60615
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,040$2,160$2,440$3,140$3,580
FY 2026$1,790$1,920$2,160$2,780$3,220
FY 2025$1,720$1,840$2,080$2,670$3,140
FY 2024$1,620$1,740$1,980$2,520$2,980
FY 2023$1,310$1,420$1,630$2,070$2,460

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60615
60609$1,500−38.5%
60610$3,020+23.8%
60611$3,020+23.8%
60612$2,130−12.7%
60613$2,910+19.3%
60614$3,020+23.8%
60615Current$2,440—
60616$2,270−7.0%
60617$1,520−37.7%
60618$2,330−4.5%
60619$1,640−32.8%
60620$1,640−32.8%

Questions about ZIP 60615 rents

How much will Section 8 pay for a two-bedroom in ZIP 60615?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,440, that basic range is $2,196 to $2,684 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 60615 in?

ZIP 60615 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 60615 for FY 2027?

The two-bedroom FMR rose 13.0%, from $2,160 in FY 2026 to $2,440 in FY 2027. Since FY 2023 it has risen 49.7%.

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