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Stephenson County/Freeport/61032

61032

ZIPSAFMR
Stephenson County, IL
Zillow

ZIP Investment Score

59Below average

095130300
BRFMR
Eff. Rent
0 BR$650$620
1 BR$720$700
2 BR$940$790
3 BR$1,190$950
4 BR$1,470$1,010
5 BR$1,690Not available
6 BR$1,944Not available
7 BR$2,236Not available
8 BR$2,571Not available

Purchase Price Calculator

Maximum purchase price
$55,477

Cost breakdown

+Likely effective rent$790
HUD FMR$940
Market rentUsed$790
Est. payment standard (90%)$850
-Principal and interest-$281
Loan amount$44,382
Down payment$11,095
Rate6.50%
Term30 years
-Operating costs-$309
Property taxes-$55
Insurance-$175
Utilities$0
HOA$0
Management-$79
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$13,056(117.7% ROI)
Projected value
$59,743
Return breakdown
Property appreciation+$4,266
Loan principal paid down+$1,590
Rental cash flow+$7,200
5-year hold
+$22,126(199.4% ROI)
Projected value
$62,767
Return breakdown
Property appreciation+$7,290
Loan principal paid down+$2,836
Rental cash flow+$12,000
10-year hold
+$46,295(417.2% ROI)
Projected value
$71,015
Return breakdown
Property appreciation+$15,538
Loan principal paid down+$6,757
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.05
1 BR
1.03
2 BR
1.19
3 BR
1.25
4 BR
1.46
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 61032 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 61032 (Freeport, IL) is $940 a month. That is up 2.2% from $920 in FY 2026. Freeport is in the Stephenson County, IL non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $930. Among 19 ZIP codes in Stephenson County, 61032 is tied for the 11th-highest two-bedroom rent (county range $930–$1,280). The median county two-bedroom FMR in Illinois is $958, so ZIP 61032 is 2% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 61032
BedroomsFY 2027Change90–110% range
Studio$650−7.1%$585–$715
1BR$720+2.9%$648–$792
2BR$940+2.2%$846–$1,034
3BR$1,190+5.3%$1,071–$1,309
4BR$1,470+8.9%$1,323–$1,617

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 61032
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$650$720$940$1,190$1,470
FY 2026$700$700$920$1,130$1,350
FY 2025$600$670$880$1,070$1,240
FY 2024area FMR$552$620$814$997$1,136
FY 2023area FMR$522$588$774$985$1,165

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Stephenson County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 61032
61007$1,010+7.4%
61013$9400.0%
61018$9400.0%
61019$1,260+34.0%
61027$9400.0%
61032Current$940—
61039$1,060+12.8%
61044$960+2.1%
61047$1,280+36.2%
61048$930−1.1%
61050$950+1.1%
61060$930−1.1%

Questions about ZIP 61032 rents

How much will Section 8 pay for a two-bedroom in ZIP 61032?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $930, which applies unless the housing authority uses Small Area FMRs, that basic range is $837 to $1,023 a month; under the ZIP-level Small Area FMR of $940 it would be $846 to $1,034. 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 61032 in?

ZIP 61032 is in the Stephenson County, IL non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $930.

How much did fair market rent change in ZIP 61032 for FY 2027?

The two-bedroom FMR rose 2.2%, from $920 in FY 2026 to $940 in FY 2027. Since FY 2025 it has risen 6.8%.

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