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Cook County/Chicago/60620

60620

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

194High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,370$1,140
1 BR$1,450$1,260
2 BR$1,640$1,500
3 BR$2,110$1,830
4 BR$2,410$2,280
5 BR$2,772Not available
6 BR$3,187Not available
7 BR$3,665Not available
8 BR$4,215Not available

Purchase Price Calculator

Maximum purchase price
$160,983

Cost breakdown

+Likely effective rent$1,500
HUD FMR$1,640
Market rentUsed$1,500
Est. payment standard (94%)$1,550
-Principal and interest-$814
Loan amount$128,786
Down payment$32,197
Rate6.50%
Term30 years
-Operating costs-$486
Property taxes-$161
Insurance-$175
Utilities$0
HOA$0
Management-$150
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,192(75.1% ROI)
Projected value
$173,361
Return breakdown
Property appreciation+$12,378
Loan principal paid down+$4,614
Rental cash flow+$7,200
5-year hold
+$41,383(128.5% ROI)
Projected value
$182,137
Return breakdown
Property appreciation+$21,154
Loan principal paid down+$8,228
Rental cash flow+$12,000
10-year hold
+$88,695(275.5% ROI)
Projected value
$206,072
Return breakdown
Property appreciation+$45,089
Loan principal paid down+$19,606
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.20
1 BR
1.15
2 BR
1.09
3 BR
1.15
4 BR
1.06
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60620 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60620 (Chicago, IL) is $1,640 a month. That is up 13.1% from $1,450 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, 60620 is tied for the 191st-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60620 is 71% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60620
BedroomsFY 2027Change90–110% range
Studio$1,370+14.2%$1,233–$1,507
1BR$1,450+12.4%$1,305–$1,595
2BR$1,640+13.1%$1,476–$1,804
3BR$2,110+12.8%$1,899–$2,321
4BR$2,410+11.6%$2,169–$2,651

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60620
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,370$1,450$1,640$2,110$2,410
FY 2026$1,200$1,290$1,450$1,870$2,160
FY 2025$1,180$1,270$1,430$1,840$2,160
FY 2024$1,150$1,240$1,410$1,790$2,120
FY 2023$970$1,050$1,200$1,520$1,810

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60620
60614$3,020+84.1%
60615$2,440+48.8%
60616$2,270+38.4%
60617$1,520−7.3%
60618$2,330+42.1%
60619$1,6400.0%
60620Current$1,640—
60621$1,530−6.7%
60622$2,810+71.3%
60623$1,530−6.7%
60624$1,720+4.9%
60625$2,390+45.7%

Questions about ZIP 60620 rents

How much will Section 8 pay for a two-bedroom in ZIP 60620?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,640, that basic range is $1,476 to $1,804 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 60620 in?

ZIP 60620 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 60620 for FY 2027?

The two-bedroom FMR rose 13.1%, from $1,450 in FY 2026 to $1,640 in FY 2027. Since FY 2023 it has risen 36.7%.

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