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Cook County/Chicago/60656

60656

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

93Below average

095130300
BRFMR
Eff. Rent
0 BR$1,640$1,400
1 BR$1,730$1,660
2 BR$1,960$2,040
3 BR$2,520$2,600
4 BR$2,880$2,750
5 BR$3,312Not available
6 BR$3,809Not available
7 BR$4,380Not available
8 BR$5,037Not available

Purchase Price Calculator

Maximum purchase price
$241,227

Cost breakdown

+Likely effective rent$2,040
HUD FMR$1,960
Market rent$2,090
Est. payment standard (104%)Used$2,040
-Principal and interest-$1,220
Loan amount$192,981
Down payment$48,245
Rate6.50%
Term30 years
-Operating costs-$620
Property taxes-$241
Insurance-$175
Utilities$0
HOA$0
Management-$204
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,662(67.7% ROI)
Projected value
$259,775
Return breakdown
Property appreciation+$18,548
Loan principal paid down+$6,914
Rental cash flow+$7,200
5-year hold
+$56,029(116.1% ROI)
Projected value
$272,926
Return breakdown
Property appreciation+$31,699
Loan principal paid down+$12,330
Rental cash flow+$12,000
10-year hold
+$120,943(250.7% ROI)
Projected value
$308,791
Return breakdown
Property appreciation+$67,564
Loan principal paid down+$29,379
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.17
1 BR
1.04
2 BR
0.94
3 BR
0.95
4 BR
1.05
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60656 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60656 (Chicago, IL) is $1,960 a month. That is up 12.0% from $1,750 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, 60656 is tied for the 141st-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60656 is 105% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60656
BedroomsFY 2027Change90–110% range
Studio$1,640+13.1%$1,476–$1,804
1BR$1,730+11.6%$1,557–$1,903
2BR$1,960+12.0%$1,764–$2,156
3BR$2,520+12.0%$2,268–$2,772
4BR$2,880+10.3%$2,592–$3,168

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60656
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,640$1,730$1,960$2,520$2,880
FY 2026$1,450$1,550$1,750$2,250$2,610
FY 2025$1,450$1,550$1,750$2,250$2,640
FY 2024$1,400$1,500$1,710$2,180$2,580
FY 2023$1,140$1,240$1,420$1,800$2,140

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60656
60647$2,570+31.1%
60649$1,710−12.8%
60651$1,720−12.2%
60652$1,880−4.1%
60653$1,510−23.0%
60654$3,020+54.1%
60655$2,010+2.6%
60656Current$1,960—
60657$3,020+54.1%
60659$2,080+6.1%
60660$2,500+27.6%
60661$3,020+54.1%

Questions about ZIP 60656 rents

How much will Section 8 pay for a two-bedroom in ZIP 60656?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,960, that basic range is $1,764 to $2,156 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 60656 in?

ZIP 60656 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 60656 for FY 2027?

The two-bedroom FMR rose 12.0%, from $1,750 in FY 2026 to $1,960 in FY 2027. Since FY 2023 it has risen 38.0%.

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