FMR is near market; voucher and private rents are aligned.
1.09
3 BR
3 BR- 60030
1.15ratio
FMR$2,840
Market$2,480
vs market+$360
FMR is above market; underwrite to market rent.
1.15
4 BR
4 BR- 60030
1.11ratio
FMR$3,250
Market$2,920
vs market+$330
FMR is above market; underwrite to market rent.
1.11
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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Grayslake, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Grayslake, IL is $2,210 a month. That is up 11.6% from $1,980 in FY 2026. Grayslake 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 Grayslake is 131% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Grayslake, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,640
$1,840
+12.2%
$1,656–$2,024
1BR
$1,760
$1,960
+11.4%
$1,764–$2,156
2BR
$1,980
$2,210
+11.6%
$1,989–$2,431
3BR
$2,550
$2,840
+11.4%
$2,556–$3,124
4BR
$2,950
$3,250
+10.2%
$2,925–$3,575
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Grayslake, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,840
$1,960
$2,210
$2,840
$3,250
FY 2026
$1,640
$1,760
$1,980
$2,550
$2,950
FY 2025
$1,630
$1,740
$1,970
$2,530
$2,970
FY 2024
$1,560
$1,680
$1,910
$2,430
$2,880
FY 2023
$1,290
$1,390
$1,600
$2,030
$2,410
Questions about Grayslake, IL rents
How much will Section 8 pay for a two-bedroom in Grayslake, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,210, that basic range is $1,989 to $2,431 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 Grayslake, IL in?
Grayslake, 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 Grayslake, IL for FY 2027?
The two-bedroom FMR rose 11.6%, from $1,980 in FY 2026 to $2,210 in FY 2027. Since FY 2023 it has risen 38.1%.
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