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Cook County/Chicago/60623

60623

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

140High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,280$1,330
1 BR$1,350$1,450
2 BR$1,530$1,580
3 BR$1,970$1,780
4 BR$2,250$2,050
5 BR$2,588Not available
6 BR$2,976Not available
7 BR$3,422Not available
8 BR$3,935Not available

Purchase Price Calculator

Maximum purchase price
$172,871

Cost breakdown

+Likely effective rent$1,580
HUD FMR$1,530
Market rent$1,610
Est. payment standard (103%)Used$1,580
-Principal and interest-$874
Loan amount$138,297
Down payment$34,574
Rate6.50%
Term30 years
-Operating costs-$506
Property taxes-$173
Insurance-$175
Utilities$0
HOA$0
Management-$158
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,447(73.6% ROI)
Projected value
$186,163
Return breakdown
Property appreciation+$13,292
Loan principal paid down+$4,955
Rental cash flow+$7,200
5-year hold
+$43,552(126.0% ROI)
Projected value
$195,588
Return breakdown
Property appreciation+$22,717
Loan principal paid down+$8,836
Rental cash flow+$12,000
10-year hold
+$93,473(270.4% ROI)
Projected value
$221,289
Return breakdown
Property appreciation+$48,418
Loan principal paid down+$21,054
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.95
1 BR
0.90
2 BR
0.95
3 BR
1.11
4 BR
1.10
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60623 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60623 (Chicago, IL) is $1,530 a month. That is up 15.9% from $1,320 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, 60623 is tied for the 209th-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60623 is 60% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60623
BedroomsFY 2027Change90–110% range
Studio$1,280+16.4%$1,152–$1,408
1BR$1,350+15.4%$1,215–$1,485
2BR$1,530+15.9%$1,377–$1,683
3BR$1,970+15.9%$1,773–$2,167
4BR$2,250+14.2%$2,025–$2,475

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60623
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,280$1,350$1,530$1,970$2,250
FY 2026$1,100$1,170$1,320$1,700$1,970
FY 2025$1,080$1,150$1,300$1,670$1,960
FY 2024$1,030$1,110$1,260$1,600$1,900
FY 2023$850$920$1,060$1,340$1,600

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60623
60617$1,520−0.7%
60618$2,330+52.3%
60619$1,640+7.2%
60620$1,640+7.2%
60621$1,5300.0%
60622$2,810+83.7%
60623Current$1,530—
60624$1,720+12.4%
60625$2,390+56.2%
60626$2,280+49.0%
60628$1,700+11.1%
60629$1,570+2.6%

Questions about ZIP 60623 rents

How much will Section 8 pay for a two-bedroom in ZIP 60623?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,530, that basic range is $1,377 to $1,683 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 60623 in?

ZIP 60623 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 60623 for FY 2027?

The two-bedroom FMR rose 15.9%, from $1,320 in FY 2026 to $1,530 in FY 2027. Since FY 2023 it has risen 44.3%.

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