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Cook County/Chicago/60637

60637

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

144High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,450$1,460
1 BR$1,540$1,560
2 BR$1,740$1,750
3 BR$2,240$2,120
4 BR$2,560$2,300
5 BR$2,944Not available
6 BR$3,386Not available
7 BR$3,893Not available
8 BR$4,477Not available

Purchase Price Calculator

Maximum purchase price
$198,133

Cost breakdown

+Likely effective rent$1,750
HUD FMR$1,740
Market rent$1,760
Est. payment standard (101%)Used$1,750
-Principal and interest-$1,002
Loan amount$158,506
Down payment$39,627
Rate6.50%
Term30 years
-Operating costs-$548
Property taxes-$198
Insurance-$175
Utilities$0
HOA$0
Management-$175
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$28,113(70.9% ROI)
Projected value
$213,367
Return breakdown
Property appreciation+$15,235
Loan principal paid down+$5,679
Rental cash flow+$7,200
5-year hold
+$48,163(121.5% ROI)
Projected value
$224,169
Return breakdown
Property appreciation+$26,036
Loan principal paid down+$10,127
Rental cash flow+$12,000
10-year hold
+$103,625(261.5% ROI)
Projected value
$253,627
Return breakdown
Property appreciation+$55,494
Loan principal paid down+$24,131
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.99
1 BR
0.98
2 BR
0.99
3 BR
1.06
4 BR
1.11
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60637 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60637 (Chicago, IL) is $1,740 a month. That is up 13.7% from $1,530 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, 60637 is tied for the 173rd-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60637 is 82% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60637
BedroomsFY 2027Change90–110% range
Studio$1,450+14.2%$1,305–$1,595
1BR$1,540+13.2%$1,386–$1,694
2BR$1,740+13.7%$1,566–$1,914
3BR$2,240+13.7%$2,016–$2,464
4BR$2,560+12.3%$2,304–$2,816

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60637
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,450$1,540$1,740$2,240$2,560
FY 2026$1,270$1,360$1,530$1,970$2,280
FY 2025$1,230$1,310$1,480$1,900$2,230
FY 2024$1,190$1,280$1,460$1,860$2,200
FY 2023$1,000$1,080$1,240$1,570$1,870

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60637
60631$2,190+25.9%
60632$1,500−13.8%
60633$1,620−6.9%
60634$1,930+10.9%
60636$1,620−6.9%
60637Current$1,740—
60638$1,830+5.2%
60639$1,760+1.1%
60640$2,600+49.4%
60641$1,970+13.2%
60642$3,020+73.6%
60643$1,880+8.0%

Questions about ZIP 60637 rents

How much will Section 8 pay for a two-bedroom in ZIP 60637?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,740, that basic range is $1,566 to $1,914 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 60637 in?

ZIP 60637 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 60637 for FY 2027?

The two-bedroom FMR rose 13.7%, from $1,530 in FY 2026 to $1,740 in FY 2027. Since FY 2023 it has risen 40.3%.

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