FMR is near market; voucher and private rents are aligned.
1.06
1 BR
1 BR- 60430
0.99ratio
FMR$1,730
Market$1,740
vs market-$10
FMR is near market; voucher and private rents are aligned.
0.99
2 BR
2 BR- 60430
0.96ratio
FMR$1,960
Market$2,040
vs market-$80
FMR is near market; voucher and private rents are aligned.
0.96
3 BR
3 BR- 60430
0.96ratio
FMR$2,520
Market$2,630
vs market-$110
FMR is near market; voucher and private rents are aligned.
0.96
4 BR
4 BR- 60430
0.97ratio
FMR$2,880
Market$2,980
vs market-$100
FMR is near market; voucher and private rents are aligned.
0.97
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
--
Homewood, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Homewood, IL is $1,960 a month. That is up 12.0% from $1,750 in FY 2026. Homewood 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 Homewood is 105% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Homewood, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,450
$1,640
+13.1%
$1,476–$1,804
1BR
$1,550
$1,730
+11.6%
$1,557–$1,903
2BR
$1,750
$1,960
+12.0%
$1,764–$2,156
3BR
$2,250
$2,520
+12.0%
$2,268–$2,772
4BR
$2,610
$2,880
+10.3%
$2,592–$3,168
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Homewood, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,640
$1,730
$1,960
$2,520
$2,880
FY 2026
$1,450
$1,550
$1,750
$2,250
$2,610
FY 2025
$1,410
$1,510
$1,700
$2,180
$2,560
FY 2024
$1,360
$1,470
$1,670
$2,130
$2,520
FY 2023
$1,150
$1,250
$1,430
$1,810
$2,160
Questions about Homewood, IL rents
How much will Section 8 pay for a two-bedroom in Homewood, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,960, that basic range is $1,764 to $2,156 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 Homewood, IL in?
Homewood, 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 Homewood, IL for FY 2027?
The two-bedroom FMR rose 12.0%, from $1,750 in FY 2026 to $1,960 in FY 2027. Since FY 2023 it has risen 37.1%.
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