Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
--
Grant Park, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Grant Park, IL is $1,500 a month. That is up 5.6% from $1,420 in FY 2026. Grant Park is in the Kankakee, IL MSA, 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 Grant Park is 57% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Grant Park, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$990
$1,050
+6.1%
$945–$1,155
1BR
$1,090
$1,150
+5.5%
$1,035–$1,265
2BR
$1,420
$1,500
+5.6%
$1,350–$1,650
3BR
$1,870
$1,970
+5.3%
$1,773–$2,167
4BR
$1,910
$2,090
+9.4%
$1,881–$2,299
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Grant Park, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,050
$1,150
$1,500
$1,970
$2,090
FY 2026
$990
$1,090
$1,420
$1,870
$1,910
FY 2025
$910
$1,010
$1,320
$1,750
$1,750
FY 2024
$810
$910
$1,190
$1,600
$1,660
FY 2023
$790
$900
$1,180
$1,610
$1,700
Questions about Grant Park, IL rents
How much will Section 8 pay for a two-bedroom in Grant Park, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,500, that basic range is $1,350 to $1,650 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 Grant Park, IL in?
Grant Park, IL is in the Kankakee, IL MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in Grant Park, IL for FY 2027?
The two-bedroom FMR rose 5.6%, from $1,420 in FY 2026 to $1,500 in FY 2027. Since FY 2023 it has risen 27.1%.
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