FMR is near market; voucher and private rents are aligned.
1.09
1 BR
1 BR- 60045
1.06ratio
FMR$2,620
Market$2,480
vs market+$140
FMR is near market; voucher and private rents are aligned.
1.06
2 BR
2 BR- 60045
0.93ratio
FMR$2,960
Market$3,170
vs market-$210
FMR is near market; voucher and private rents are aligned.
0.93
3 BR
3 BR- 60045
1.13ratio
FMR$3,810
Market$3,380
vs market+$430
FMR is above market; underwrite to market rent.
1.13
4 BR
4 BR- 60045
0.79ratio
FMR$4,350
Market$5,540
vs market-$1,190
FMR is below market; voucher rent may lag private rents.
0.79
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
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Lake Forest, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Lake Forest, IL is $2,960 a month. That is up 10.9% from $2,670 in FY 2026. Lake Forest 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 Lake Forest is 209% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Lake Forest, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$2,220
$2,470
+11.3%
$2,223–$2,717
1BR
$2,370
$2,620
+10.5%
$2,358–$2,882
2BR
$2,670
$2,960
+10.9%
$2,664–$3,256
3BR
$3,440
$3,810
+10.8%
$3,429–$4,191
4BR
$3,980
$4,350
+9.3%
$3,915–$4,785
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Lake Forest, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$2,470
$2,620
$2,960
$3,810
$4,350
FY 2026
$2,220
$2,370
$2,670
$3,440
$3,980
FY 2025
$2,190
$2,340
$2,640
$3,390
$3,980
FY 2024
$2,100
$2,260
$2,570
$3,270
$3,870
FY 2023
$1,740
$1,880
$2,160
$2,740
$3,260
Questions about Lake Forest, IL rents
How much will Section 8 pay for a two-bedroom in Lake Forest, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,960, that basic range is $2,664 to $3,256 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 Lake Forest, IL in?
Lake Forest, 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 Lake Forest, IL for FY 2027?
The two-bedroom FMR rose 10.9%, from $2,670 in FY 2026 to $2,960 in FY 2027. Since FY 2023 it has risen 37.0%.
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