Skip to main content
Loading page
IL/Lake County/Grayslake

Grayslake, IL

CitySAFMR
Lake County
Found 1 ZIP

City Median Investment Score

91Below average

095130300
BRFMR
Eff. Rent
0 BR$1,840$1,670
1 BR$1,960$1,660
2 BR$2,210$2,030
3 BR$2,840$2,480
4 BR$3,250$2,920
5 BR$3,737Not available
6 BR$4,298Not available
7 BR$4,943Not available
8 BR$5,684Not available

Purchase Price Calculator

Maximum purchase price
$239,741

Cost breakdown

+Likely effective rent$2,030
HUD FMR$2,210
Market rentUsed$2,030
Est. payment standard (95%)$2,090
-Principal and interest-$1,212
Loan amount$191,793
Down payment$47,948
Rate6.50%
Term30 years
-Operating costs-$618
Property taxes-$240
Insurance-$175
Utilities$0
HOA$0
Management-$203
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,505(67.8% ROI)
Projected value
$258,174
Return breakdown
Property appreciation+$18,434
Loan principal paid down+$6,871
Rental cash flow+$7,200
5-year hold
+$55,758(116.3% ROI)
Projected value
$271,245
Return breakdown
Property appreciation+$31,504
Loan principal paid down+$12,254
Rental cash flow+$12,000
10-year hold
+$120,346(251.0% ROI)
Projected value
$306,888
Return breakdown
Property appreciation+$67,148
Loan principal paid down+$29,198
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
1.10
1 BR
1.18
2 BR
1.09
3 BR
1.15
4 BR
1.11
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

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
BedroomsFY 2027Change90–110% range
Studio$1,840+12.2%$1,656–$2,024
1BR$1,960+11.4%$1,764–$2,156
2BR$2,210+11.6%$1,989–$2,431
3BR$2,840+11.4%$2,556–$3,124
4BR$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 yearStudio1BR2BR3BR4BR
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