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Cook County/Elmwood Park/60707

60707

ZIPSAFMR
Cook County, IL
Zillow

ZIP Investment Score

105Above average

095130300
BRFMR
Eff. Rent
0 BR$1,550$1,330
1 BR$1,650$1,510
2 BR$1,860$1,930
3 BR$2,390$2,420
4 BR$2,730$3,000
5 BR$3,139Not available
6 BR$3,610Not available
7 BR$4,152Not available
8 BR$4,775Not available

Purchase Price Calculator

Maximum purchase price
$224,881

Cost breakdown

+Likely effective rent$1,930
HUD FMR$1,860
Market rent$1,960
Est. payment standard (103%)Used$1,930
-Principal and interest-$1,137
Loan amount$179,905
Down payment$44,976
Rate6.50%
Term30 years
-Operating costs-$593
Property taxes-$225
Insurance-$175
Utilities$0
HOA$0
Management-$193
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$30,937(68.8% ROI)
Projected value
$242,172
Return breakdown
Property appreciation+$17,291
Loan principal paid down+$6,446
Rental cash flow+$7,200
5-year hold
+$53,045(117.9% ROI)
Projected value
$254,432
Return breakdown
Property appreciation+$29,551
Loan principal paid down+$11,494
Rental cash flow+$12,000
10-year hold
+$114,374(254.3% ROI)
Projected value
$287,866
Return breakdown
Property appreciation+$62,986
Loan principal paid down+$27,388
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.17
1 BR
1.09
2 BR
0.95
3 BR
0.98
4 BR
0.85
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 60707 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60707 (Elmwood Park, IL) is $1,860 a month. That is up 11.4% from $1,670 in FY 2026. Elmwood Park 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, 60707 has the 158th-highest two-bedroom rent (county range $1,100–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60707 is 94% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60707
BedroomsFY 2027Change90–110% range
Studio$1,550+11.5%$1,395–$1,705
1BR$1,650+11.5%$1,485–$1,815
2BR$1,860+11.4%$1,674–$2,046
3BR$2,390+11.2%$2,151–$2,629
4BR$2,730+9.6%$2,457–$3,003

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60707
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,550$1,650$1,860$2,390$2,730
FY 2026$1,390$1,480$1,670$2,150$2,490
FY 2025$1,380$1,480$1,670$2,150$2,520
FY 2024$1,320$1,420$1,620$2,060$2,440
FY 2023$1,080$1,170$1,340$1,700$2,020

Two-bedroom rent in nearby Cook County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60707
60689$1,980+6.5%
60690$1,980+6.5%
60693$1,980+6.5%
60694$1,980+6.5%
60695$1,980+6.5%
60697$1,980+6.5%
60699$1,980+6.5%
60701$1,980+6.5%
60706$1,740−6.5%
60707Current$1,860—
60712$3,020+62.4%
60714$1,750−5.9%

Questions about ZIP 60707 rents

How much will Section 8 pay for a two-bedroom in ZIP 60707?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,860, that basic range is $1,674 to $2,046 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 60707 in?

ZIP 60707 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 60707 for FY 2027?

The two-bedroom FMR rose 11.4%, from $1,670 in FY 2026 to $1,860 in FY 2027. Since FY 2023 it has risen 38.8%.

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 rentElmwood Park, IL fair market rentIL statewide rentsWhat is SAFMR?Data sources