FMR is near market; voucher and private rents are aligned.
1.09
1 BR
1 BR- 62060
1.03ratio
FMR$1,020
Market$990
vs market+$30
FMR is near market; voucher and private rents are aligned.
1.03
2 BR
2 BR- 62060
1.18ratio
FMR$1,250
Market$1,060
vs market+$190
FMR is above market; underwrite to market rent.
1.18
3 BR
3 BR- 62060
1.22ratio
FMR$1,600
Market$1,310
vs market+$290
FMR is above market; underwrite to market rent.
1.22
4 BR
4 BR- 62060
1.35ratio
FMR$1,850
Market$1,370
vs market+$480
FMR is above market; underwrite to market rent.
1.35
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
--
Madison, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Madison, IL is $1,250 a month. That is up 15.7% from $1,080 in FY 2026. Madison is in the St. Louis, MO-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 Madison is 31% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Madison, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$850
$990
+16.5%
$891–$1,089
1BR
$880
$1,020
+15.9%
$918–$1,122
2BR
$1,080
$1,250
+15.7%
$1,125–$1,375
3BR
$1,390
$1,600
+15.1%
$1,440–$1,760
4BR
$1,610
$1,850
+14.9%
$1,665–$2,035
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Madison, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$990
$1,020
$1,250
$1,600
$1,850
FY 2026
$850
$880
$1,080
$1,390
$1,610
FY 2025
$840
$880
$1,090
$1,410
$1,640
FY 2024
$770
$800
$1,000
$1,290
$1,500
FY 2023
$630
$680
$860
$1,110
$1,310
Questions about Madison, IL rents
How much will Section 8 pay for a two-bedroom in Madison, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,250, that basic range is $1,125 to $1,375 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 Madison, IL in?
Madison, IL is in the St. Louis, MO-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 Madison, IL for FY 2027?
The two-bedroom FMR rose 15.7%, from $1,080 in FY 2026 to $1,250 in FY 2027. Since FY 2023 it has risen 45.3%.
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