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Housing market/Illinois/ZIP 60640

ACS 2023 · FY2027 SAFMR

ZIP 60640 Chicago, Illinois

Chicago-Joliet-Naperville, IL HUD Metro FMR Area · Illinois. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.

Population
66,884
Households
37,727
Median HH income
$71,030
Renter share
68.7%
Median gross rent
$1,374
Vacancy
7.6%
Pop. change
-4.1%
2BR SAFMR
$2,600
SAFMR / rent
1.892×
2–49 unit stock
24,671
LIHTC proj / units
29 / 2,933
HUD assisted MF
25 / 3,245

ZIP brief

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HUD schedule, ACS stock, and the 90–110% band for ZIP 60640 · IL — sent to you.

ZIP 60640 · IL

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ACS rent vs 2BR SAFMR

ZIP 60640 — Chicago, IL HUD Section 8 Payment Standards / SAFMR →
ACS median rent$1,374
2BR SAFMR$2,600
90% floor$2,340
110% ceiling$2,860

ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.

Housing stock

ACS 2023 units-in-structure · ZCTA 60640

  • 1-unit detached2,3695.8%
  • 1-unit attached6641.6%
  • 2–4 units5,20012.7%
  • 5–49 units19,47147.7%
  • 50+ units13,13032.1%
  • Mobile160.0%
TypeUnitsShare
1-unit detached2,3695.8%
1-unit attached6641.6%
2 units (duplex)1,9254.7%
3–4 units3,2758.0%
5–9 units8,28320.3%
10–19 units3,8939.5%
20–49 units7,29517.9%
50+ units13,13032.1%
Mobile160.0%

2–4 unit share 12.7% · 5–49 unit share 47.7% · combined 2–49 60.4%.

Units by bedrooms

Studio
6,228
1BR
14,622
2BR
12,606
3BR
5,694
4BR
1,102
5+
598

Rent burden

Rent ≥30% of income43.4%
Rent ≥50% of income21.9%
  • ACS median gross rent $1,374 (all bedrooms, occupied rentals).
  • Median contract rent $1,303.
  • Renters paying ≥30% of income 43.4%; ≥50% 21.9%.
  • FY2027 2BR SAFMR $2,600 (1.892× ACS median gross rent).

Population

66,884 residents · ACS 2023

Change versus the 2018 ACS 5-year estimate: -4.1%.

ACS 5-year estimates lag current construction. This is not a forecast.

Assisted inventory

  • LIHTC: 29 projects, 2,933 units.
  • HUD project-based assisted MF: 25 properties, 3,245 assisted units.
  • HCV household counts (Picture of Subsidized Households) are not on this page yet.

New apartment permits

About 3,088 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.

Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.

What the data shows

ZIP 60640 68.7% of occupied households are renters; vacancy is 7.6%; ACS median gross rent is $1,374; population changed -4.1% between the 2018 and 2023 ACS vintages; the housing stock includes 5,200 units in 2–4-unit structures and 19,471 units in 5–49-unit structures; 29 LIHTC projects totaling 2,933 units; FY2027 2BR SAFMR is $2,600 versus ACS median gross rent of $1,374. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.

Illinois research

ZIP 60640 is a Census / HUD profile for Chicago-Joliet-Naperville, IL. Not a listing page. Brokerage is Georgia; out-of-state work is referral.

ZIP 60640 — Chicago, IL HUD Section 8 Payment Standards / SAFMR·Illinois ZIP directory

Nearby ZIPs in this FMR area

ZIPPlaceRentersMed. rent2BR SAFMR
60002Chicago-Joliet-Naperville, IL HUD Metro FMR Area19.3%$1,176$1,65060004Chicago-Joliet-Naperville, IL HUD Metro FMR Area22.7%$1,703$2,47060005Chicago-Joliet-Naperville, IL HUD Metro FMR Area36.6%$1,621$2,20060006Chicago-Joliet-Naperville, IL HUD Metro FMR Area——$1,98060007Chicago-Joliet-Naperville, IL HUD Metro FMR Area26.0%$1,574$2,21060008Chicago-Joliet-Naperville, IL HUD Metro FMR Area27.5%$1,561$2,16060009Chicago-Joliet-Naperville, IL HUD Metro FMR Area——$1,98060010Chicago-Joliet-Naperville, IL HUD Metro FMR Area11.9%$2,459$3,02060011Chicago-Joliet-Naperville, IL HUD Metro FMR Area——$2,02060012Chicago-Joliet-Naperville, IL HUD Metro FMR Area5.4%$2,162$2,19060013Chicago-Joliet-Naperville, IL HUD Metro FMR Area11.6%$1,489$2,12060014Chicago-Joliet-Naperville, IL HUD Metro FMR Area19.4%$1,429$1,990

Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is Illinois research. Brokerage is Georgia.

FAQ

What is the housing market like in ZIP 60640?

ZIP 60640 (Chicago-Joliet-Naperville, IL HUD Metro FMR Area) has 66,884 residents, 37,727 households, a renter share of 68.7%, median household income of $71,030, and ACS 2023 median gross rent of $1,374. Vacancy is 7.6%. These are ZCTA estimates, not a property rent roll.

How much small multifamily housing is in 60640?

ACS counts 1,925 units in 2-unit buildings, 3,275 in 3–4 unit buildings, 8,283 in 5–9, 3,893 in 10–19, and 7,295 in 20–49. Combined 2–49 unit stock is 24,671 units. This is occupied-and-vacant stock, not listings for sale.

What is the Section 8 rent in 60640?

The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $2,600. See the full schedule and 90–110% payment-standard band on the ZIP 60640 — Chicago, IL HUD Section 8 Payment Standards / SAFMR.

Does this Illinois ZIP profile include Georgia listings?

No. ZIP 60640 is Census / HUD research for Chicago-Joliet-Naperville, IL HUD Metro FMR Area. Jeff Crowe CRE does not list Illinois property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.