FMR is below market; voucher rent may lag private rents.
0.81
1 BR
1 BR- 60423
0.89ratio
FMR$1,820
Market$2,050
vs market-$230
FMR is below market; voucher rent may lag private rents.
0.89
2 BR
2 BR- 60423
0.83ratio
FMR$2,060
Market$2,470
vs market-$410
FMR is below market; voucher rent may lag private rents.
0.83
3 BR
3 BR- 60423
1.00ratio
FMR$2,650
Market$2,660
vs market-$10
FMR is near market; voucher and private rents are aligned.
1.00
4 BR
4 BR- 60423
0.88ratio
FMR$3,030
Market$3,440
vs market-$410
FMR is below market; voucher rent may lag private rents.
0.88
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
--
Frankfort, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Frankfort, IL is $2,060 a month. That is up 12.0% from $1,840 in FY 2026. Frankfort 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 Frankfort is 115% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Frankfort, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,530
$1,720
+12.4%
$1,548–$1,892
1BR
$1,630
$1,820
+11.7%
$1,638–$2,002
2BR
$1,840
$2,060
+12.0%
$1,854–$2,266
3BR
$2,370
$2,650
+11.8%
$2,385–$2,915
4BR
$2,740
$3,030
+10.6%
$2,727–$3,333
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Frankfort, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,720
$1,820
$2,060
$2,650
$3,030
FY 2026
$1,530
$1,630
$1,840
$2,370
$2,740
FY 2025
$1,530
$1,640
$1,850
$2,380
$2,790
FY 2024
$1,480
$1,590
$1,810
$2,300
$2,730
FY 2023
$1,290
$1,390
$1,600
$2,030
$2,410
Questions about Frankfort, IL rents
How much will Section 8 pay for a two-bedroom in Frankfort, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,060, that basic range is $1,854 to $2,266 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 Frankfort, IL in?
Frankfort, 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 Frankfort, IL for FY 2027?
The two-bedroom FMR rose 12.0%, from $1,840 in FY 2026 to $2,060 in FY 2027. Since FY 2023 it has risen 28.7%.
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