FMR is near market; voucher and private rents are aligned.
0.94
1 BR
1 BR- 60131
0.72ratio
FMR$1,390
Market$1,920
vs market-$530
FMR is below market; voucher rent may lag private rents.
0.72
2 BR
2 BR- 60131
0.67ratio
FMR$1,570
Market$2,330
vs market-$760
FMR is below market; voucher rent may lag private rents.
0.67
3 BR
3 BR- 60131
0.87ratio
FMR$2,020
Market$2,320
vs market-$300
FMR is below market; voucher rent may lag private rents.
0.87
4 BR
4 BR- 60131
0.90ratio
FMR$2,310
Market$2,560
vs market-$250
FMR is near market; voucher and private rents are aligned.
0.90
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
--
Franklin Park, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Franklin Park, IL is $1,570 a month. That is up 8.3% from $1,450 in FY 2026. Franklin Park 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 Franklin Park is 64% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Franklin Park, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,200
$1,310
+9.2%
$1,179–$1,441
1BR
$1,290
$1,390
+7.8%
$1,251–$1,529
2BR
$1,450
$1,570
+8.3%
$1,413–$1,727
3BR
$1,870
$2,020
+8.0%
$1,818–$2,222
4BR
$2,160
$2,310
+6.9%
$2,079–$2,541
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Franklin Park, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,310
$1,390
$1,570
$2,020
$2,310
FY 2026
$1,200
$1,290
$1,450
$1,870
$2,160
FY 2025
$1,190
$1,280
$1,440
$1,850
$2,170
FY 2024
$1,110
$1,200
$1,360
$1,730
$2,050
FY 2023
$880
$960
$1,100
$1,400
$1,660
Questions about Franklin Park, IL rents
How much will Section 8 pay for a two-bedroom in Franklin Park, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,570, that basic range is $1,413 to $1,727 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 Franklin Park, IL in?
Franklin Park, 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 Franklin Park, IL for FY 2027?
The two-bedroom FMR rose 8.3%, from $1,450 in FY 2026 to $1,570 in FY 2027. Since FY 2023 it has risen 42.7%.
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