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Kankakee County/Grant Park/60940

60940

ZIPSAFMR
Kankakee County, IL
Zillow

ZIP Investment Score

110Above average

095130300
BRFMR
Eff. Rent
0 BR$1,050$1,050
1 BR$1,150$1,150
2 BR$1,500$1,500
3 BR$1,970$1,970
4 BR$2,090$2,090
5 BR$2,404Not available
6 BR$2,764Not available
7 BR$3,179Not available
8 BR$3,655Not available

Purchase Price Calculator

Maximum purchase price
$160,983

Cost breakdown

+Likely effective rent$1,500
HUD FMRUsed$1,500
Market rentN/A
Est. payment standardN/A
-Principal and interest-$814
Loan amount$128,786
Down payment$32,197
Rate6.50%
Term30 years
-Operating costs-$486
Property taxes-$161
Insurance-$175
Utilities$0
HOA$0
Management-$150
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,192(75.1% ROI)
Projected value
$173,361
Return breakdown
Property appreciation+$12,378
Loan principal paid down+$4,614
Rental cash flow+$7,200
5-year hold
+$41,383(128.5% ROI)
Projected value
$182,137
Return breakdown
Property appreciation+$21,154
Loan principal paid down+$8,228
Rental cash flow+$12,000
10-year hold
+$88,695(275.5% ROI)
Projected value
$206,072
Return breakdown
Property appreciation+$45,089
Loan principal paid down+$19,606
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
--
Mortgage rate
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ZIP 60940 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60940 (Grant Park, IL) is $1,500 a month. That is up 5.6% from $1,420 in FY 2026. Grant Park is in the Kankakee, IL MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 21 ZIP codes in Kankakee County, 60940 has the 4th-highest two-bedroom rent (county range $1,200–$1,720). The median county two-bedroom FMR in Illinois is $958, so ZIP 60940 is 57% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 60940
BedroomsFY 2027Change90–110% range
Studio$1,050+6.1%$945–$1,155
1BR$1,150+5.5%$1,035–$1,265
2BR$1,500+5.6%$1,350–$1,650
3BR$1,970+5.3%$1,773–$2,167
4BR$2,090+9.4%$1,881–$2,299

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 60940
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,050$1,150$1,500$1,970$2,090
FY 2026$990$1,090$1,420$1,870$1,910
FY 2025$910$1,010$1,320$1,750$1,750
FY 2024$810$910$1,190$1,600$1,660
FY 2023$790$900$1,180$1,610$1,700

Two-bedroom rent in nearby Kankakee County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 60940
60915$1,370−8.7%
60917$1,320−12.0%
60919$1,200−20.0%
60922$1,250−16.7%
60935$1,410−6.0%
60940Current$1,500—
60941$1,290−14.0%
60950$1,260−16.0%
60954$1,200−20.0%
60958$1,200−20.0%
60961$1,720+14.7%
60964$1,200−20.0%

Questions about ZIP 60940 rents

How much will Section 8 pay for a two-bedroom in ZIP 60940?

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 60940 in?

ZIP 60940 is in the Kankakee, IL MSA. 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 60940 for FY 2027?

The two-bedroom FMR rose 5.6%, from $1,420 in FY 2026 to $1,500 in FY 2027. Since FY 2023 it has risen 27.1%.

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