FMR is near market; voucher and private rents are aligned.
1.02
1 BR
1 BR- 62326
1.12ratio
FMR$740
Market$660
vs market+$80
FMR is above market; underwrite to market rent.
1.12
2 BR
2 BR- 62326
1.19ratio
FMR$960
Market$810
vs market+$150
FMR is above market; underwrite to market rent.
1.19
3 BR
3 BR- 62326
1.37ratio
FMR$1,220
Market$890
vs market+$330
FMR is above market; underwrite to market rent.
1.37
4 BR
4 BR- 62326
1.72ratio
FMR$1,600
Market$930
vs market+$670
FMR is above market; underwrite to market rent.
1.72
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
--
Colchester, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Colchester, IL is $960 a month. That is unchanged from FY 2026. Colchester is in the Hancock 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.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Colchester, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$660
$670
+1.5%
$603–$737
1BR
$730
$740
+1.4%
$666–$814
2BR
$960
$960
0.0%
$864–$1,056
3BR
$1,240
$1,220
−1.6%
$1,098–$1,342
4BR
$1,530
$1,600
+4.6%
$1,440–$1,760
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Colchester, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$670
$740
$960
$1,220
$1,600
FY 2026
$660
$730
$960
$1,240
$1,530
FY 2025
$600
$680
$880
$1,120
$1,330
FY 2024area FMR
$553
$680
$807
$1,043
$1,145
FY 2023area FMR
$531
$644
$774
$1,032
$1,189
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about Colchester, IL rents
How much will Section 8 pay for a two-bedroom in Colchester, IL?
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 $960 it would be $864 to $1,056. 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 Colchester, IL in?
Colchester, IL is in the Hancock 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 Colchester, IL for FY 2027?
The two-bedroom FMR was unchanged at $960 in FY 2027. Since FY 2025 it has risen 9.1%.
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