FMR is near market; voucher and private rents are aligned.
0.93
1 BR
1 BR- 60415
0.88ratio
FMR$1,530
Market$1,740
vs market-$210
FMR is below market; voucher rent may lag private rents.
0.88
2 BR
2 BR- 60415
0.87ratio
FMR$1,730
Market$1,980
vs market-$250
FMR is below market; voucher rent may lag private rents.
0.87
3 BR
3 BR- 60415
0.89ratio
FMR$2,220
Market$2,500
vs market-$280
FMR is below market; voucher rent may lag private rents.
0.89
4 BR
4 BR- 60415
0.80ratio
FMR$2,540
Market$3,190
vs market-$650
FMR is below market; voucher rent may lag private rents.
0.80
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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Chicago Ridge, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Chicago Ridge, IL is $1,730 a month. That is up 16.1% from $1,490 in FY 2026. Chicago Ridge 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. The median county two-bedroom FMR in Illinois is $958, so Chicago Ridge is 81% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Chicago Ridge, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,240
$1,440
+16.1%
$1,296–$1,584
1BR
$1,320
$1,530
+15.9%
$1,377–$1,683
2BR
$1,490
$1,730
+16.1%
$1,557–$1,903
3BR
$1,920
$2,220
+15.6%
$1,998–$2,442
4BR
$2,220
$2,540
+14.4%
$2,286–$2,794
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Chicago Ridge, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,440
$1,530
$1,730
$2,220
$2,540
FY 2026
$1,240
$1,320
$1,490
$1,920
$2,220
FY 2025
$1,210
$1,290
$1,460
$1,880
$2,200
FY 2024
$1,160
$1,250
$1,420
$1,810
$2,140
FY 2023
$970
$1,050
$1,210
$1,540
$1,830
Questions about Chicago Ridge, IL rents
How much will Section 8 pay for a two-bedroom in Chicago Ridge, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,730, that basic range is $1,557 to $1,903 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 Chicago Ridge, IL in?
Chicago Ridge, IL 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 Chicago Ridge, IL for FY 2027?
The two-bedroom FMR rose 16.1%, from $1,490 in FY 2026 to $1,730 in FY 2027. Since FY 2023 it has risen 43.0%.
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