Cook County/Chicago/60632

60632

ZIPSAFMR

Cook County, IL

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ZIP Investment Score

108Above average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,250	$1,130	7.0%
1 BR	$1,330	$1,320	6.5%
2 BR	$1,500	$1,400	6.3%
3 BR	$1,930	$1,840	6.7%
4 BR	$2,200	$2,040	5.4%
5 BR	$2,530	Not available	5.4%
6 BR	$2,909	Not available	5.4%
7 BR	$3,346	Not available	5.4%
8 BR	$3,848	Not available	5.4%

Purchase Price Calculator

Maximum purchase price

$146,123

Cost breakdown

+Likely effective rent$1,400

HUD FMR$1,500

Market rentUsed$1,400

Est. payment standard (96%)$1,440

-Principal and interest-$739

Loan amount$116,898

Down payment$29,225

Rate6.50%

Term30 years

-Operating costs-$461

Property taxes-$146

Insurance-$175

Utilities$0

HOA$0

Management-$140

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$22,624(77.4% ROI)

Projected value

$157,358

Return breakdown

Property appreciation+$11,235

Loan principal paid down+$4,188

Rental cash flow+$7,200

5-year hold

+$38,670(132.3% ROI)

Projected value

$165,325

Return breakdown

Property appreciation+$19,202

Loan principal paid down+$7,469

Rental cash flow+$12,000

10-year hold

+$82,723(283.1% ROI)

Projected value

$187,050

Return breakdown

Property appreciation+$40,927

Loan principal paid down+$17,796

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.11ratio

FMR$1,250

Market$1,130

vs market+$120

FMR is above market; underwrite to market rent.

1.11

1 BR

1.01ratio

FMR$1,330

Market$1,320

vs market+$10

FMR is near market; voucher and private rents are aligned.

1.01

2 BR

1.07ratio

FMR$1,500

Market$1,400

vs market+$100

FMR is near market; voucher and private rents are aligned.

1.07

3 BR

1.05ratio

FMR$1,930

Market$1,840

vs market+$90

FMR is near market; voucher and private rents are aligned.

1.05

4 BR

1.08ratio

FMR$2,200

Market$2,040

vs market+$160

FMR is near market; voucher and private rents are aligned.

1.08

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 60632 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60632 (Chicago, IL) is $1,500 a month. That is up 15.4% from $1,300 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, 60632 is tied for the 216th-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60632 is 57% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60632
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,080	$1,250	+15.7%	$1,125–$1,375
1BR	$1,150	$1,330	+15.7%	$1,197–$1,463
2BR	$1,300	$1,500	+15.4%	$1,350–$1,650
3BR	$1,670	$1,930	+15.6%	$1,737–$2,123
4BR	$1,940	$2,200	+13.4%	$1,980–$2,420

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60632
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,250	$1,330	$1,500	$1,930	$2,200
FY 2026	$1,080	$1,150	$1,300	$1,670	$1,940
FY 2025	$1,050	$1,120	$1,270	$1,630	$1,920
FY 2024	$1,020	$1,100	$1,250	$1,590	$1,880
FY 2023	$870	$940	$1,080	$1,370	$1,630

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 60632
60625	$2,390	+59.3%
60626	$2,280	+52.0%
60628	$1,700	+13.3%
60629	$1,570	+4.7%
60630	$2,090	+39.3%
60631	$2,190	+46.0%
60632Current	$1,500	—
60633	$1,620	+8.0%
60634	$1,930	+28.7%
60636	$1,620	+8.0%
60637	$1,740	+16.0%
60638	$1,830	+22.0%

Questions about ZIP 60632 rents

How much will Section 8 pay for a two-bedroom in ZIP 60632?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,500, that basic range is $1,350 to $1,650 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 60632 in?

ZIP 60632 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 60632 for FY 2027?

The two-bedroom FMR rose 15.4%, from $1,300 in FY 2026 to $1,500 in FY 2027. Since FY 2023 it has risen 38.9%.

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 rent Chicago, IL fair market rent IL statewide rents What is SAFMR?Data sources