FMR is below market; voucher rent may lag private rents.
0.70
1 BR
1 BR- 61016
0.77ratio
FMR$810
Market$1,050
vs market-$240
FMR is below market; voucher rent may lag private rents.
0.77
2 BR
2 BR- 61016
0.86ratio
FMR$1,060
Market$1,230
vs market-$170
FMR is below market; voucher rent may lag private rents.
0.86
3 BR
3 BR- 61016
0.69ratio
FMR$1,400
Market$2,030
vs market-$630
FMR is below market; voucher rent may lag private rents.
0.69
4 BR
4 BR- 61016
0.69ratio
FMR$1,440
Market$2,080
vs market-$640
FMR is below market; voucher rent may lag private rents.
0.69
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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Cherry Valley, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Cherry Valley, IL is $1,060 a month. That is down 0.9% from $1,070 in FY 2026. Cherry Valley is in the Rockford, IL MSA. 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 metro-wide two-bedroom FMR of $1,172. The median county two-bedroom FMR in Illinois is $958, so Cherry Valley is 11% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Cherry Valley, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$730
$740
+1.4%
$666–$814
1BR
$810
$810
0.0%
$729–$891
2BR
$1,070
$1,060
−0.9%
$954–$1,166
3BR
$1,410
$1,400
−0.7%
$1,260–$1,540
4BR
$1,450
$1,440
−0.7%
$1,296–$1,584
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Cherry Valley, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$740
$810
$1,060
$1,400
$1,440
FY 2026
$730
$810
$1,070
$1,410
$1,450
FY 2025
$730
$810
$1,060
$1,400
$1,440
FY 2024
$630
$710
$930
$1,240
$1,280
FY 2023
$580
$650
$860
$1,160
$1,200
Questions about Cherry Valley, IL rents
How much will Section 8 pay for a two-bedroom in Cherry Valley, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,172, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,055 to $1,289 a month; under the ZIP-level Small Area FMR of $1,060 it would be $954 to $1,166. 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 Cherry Valley, IL in?
Cherry Valley, IL is in the Rockford, IL MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,172.
How much did fair market rent change in Cherry Valley, IL for FY 2027?
The two-bedroom FMR fell 0.9%, from $1,070 in FY 2026 to $1,060 in FY 2027. Since FY 2023 it has risen 23.3%.
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