For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Great Lakes, IL is $2,550 a month. That is up 9.0% from $2,340 in FY 2026. Great Lakes 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 Great Lakes is 166% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Great Lakes, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,940
$2,130
+9.8%
$1,917–$2,343
1BR
$2,080
$2,260
+8.7%
$2,034–$2,486
2BR
$2,340
$2,550
+9.0%
$2,295–$2,805
3BR
$3,010
$3,280
+9.0%
$2,952–$3,608
4BR
$3,490
$3,750
+7.4%
$3,375–$4,125
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Great Lakes, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$2,130
$2,260
$2,550
$3,280
$3,750
FY 2026
$1,940
$2,080
$2,340
$3,010
$3,490
FY 2025
$1,970
$2,110
$2,380
$3,060
$3,590
FY 2024
$1,950
$2,100
$2,390
$3,040
$3,600
FY 2023
$1,640
$1,780
$2,040
$2,590
$3,080
Questions about Great Lakes, IL rents
How much will Section 8 pay for a two-bedroom in Great Lakes, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,550, that basic range is $2,295 to $2,805 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 Great Lakes, IL in?
Great Lakes, 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 Great Lakes, IL for FY 2027?
The two-bedroom FMR rose 9.0%, from $2,340 in FY 2026 to $2,550 in FY 2027. Since FY 2023 it has risen 25.0%.
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