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Cook County/Chicago/60624

60624

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

152High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,440$1,210
1 BR$1,520$1,370
2 BR$1,720$1,560
3 BR$2,210$1,920
4 BR$2,530$2,310
5 BR$2,910Not available
6 BR$3,346Not available
7 BR$3,848Not available
8 BR$4,425Not available

Purchase Price Calculator

Maximum purchase price
$169,899

Cost breakdown

+Likely effective rent$1,560
HUD FMR$1,720
Market rentUsed$1,560
Est. payment standard (94%)$1,620
-Principal and interest-$859
Loan amount$135,919
Down payment$33,980
Rate6.50%
Term30 years
-Operating costs-$501
Property taxes-$170
Insurance-$175
Utilities$0
HOA$0
Management-$156
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,133(74.0% ROI)
Projected value
$182,962
Return breakdown
Property appreciation+$13,064
Loan principal paid down+$4,870
Rental cash flow+$7,200
5-year hold
+$43,010(126.6% ROI)
Projected value
$192,225
Return breakdown
Property appreciation+$22,326
Loan principal paid down+$8,684
Rental cash flow+$12,000
10-year hold
+$92,278(271.6% ROI)
Projected value
$217,485
Return breakdown
Property appreciation+$47,586
Loan principal paid down+$20,692
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.19
1 BR
1.11
2 BR
1.10
3 BR
1.15
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 60624 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60624 (Chicago, IL) is $1,720 a month. That is up 11.7% from $1,540 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, 60624 is tied for the 179th-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60624 is 80% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60624
BedroomsFY 2027Change90–110% range
Studio$1,440+12.5%$1,296–$1,584
1BR$1,520+10.9%$1,368–$1,672
2BR$1,720+11.7%$1,548–$1,892
3BR$2,210+11.6%$1,989–$2,431
4BR$2,530+10.5%$2,277–$2,783

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60624
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,440$1,520$1,720$2,210$2,530
FY 2026$1,280$1,370$1,540$1,980$2,290
FY 2025$1,250$1,340$1,510$1,940$2,280
FY 2024$1,190$1,280$1,460$1,860$2,200
FY 2023$970$1,050$1,210$1,540$1,830

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60624
60618$2,330+35.5%
60619$1,640−4.7%
60620$1,640−4.7%
60621$1,530−11.0%
60622$2,810+63.4%
60623$1,530−11.0%
60624Current$1,720—
60625$2,390+39.0%
60626$2,280+32.6%
60628$1,700−1.2%
60629$1,570−8.7%
60630$2,090+21.5%

Questions about ZIP 60624 rents

How much will Section 8 pay for a two-bedroom in ZIP 60624?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,720, that basic range is $1,548 to $1,892 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 60624 in?

ZIP 60624 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 60624 for FY 2027?

The two-bedroom FMR rose 11.7%, from $1,540 in FY 2026 to $1,720 in FY 2027. Since FY 2023 it has risen 42.1%.

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