FMR is near market; voucher and private rents are aligned.
0.99
2 BR
2 BR- 60538
1.14ratio
FMR$2,410
Market$2,110
vs market+$300
FMR is above market; underwrite to market rent.
1.14
3 BR
3 BR- 60538
1.36ratio
FMR$3,120
Market$2,290
vs market+$830
FMR is above market; underwrite to market rent.
1.36
4 BR
4 BR- 60538
1.20ratio
FMR$3,400
Market$2,830
vs market+$570
FMR is above market; underwrite to market rent.
1.20
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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Montgomery, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Montgomery, IL is $2,410 a month. That is up 13.7% from $2,120 in FY 2026. Montgomery 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 Montgomery is 152% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Montgomery, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,560
$1,890
+21.2%
$1,701–$2,079
1BR
$1,700
$1,930
+13.5%
$1,737–$2,123
2BR
$2,120
$2,410
+13.7%
$2,169–$2,651
3BR
$2,860
$3,120
+9.1%
$2,808–$3,432
4BR
$3,060
$3,400
+11.1%
$3,060–$3,740
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Montgomery, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,890
$1,930
$2,410
$3,120
$3,400
FY 2026
$1,560
$1,700
$2,120
$2,860
$3,060
FY 2025
$1,560
$1,610
$2,000
$2,730
$2,940
FY 2024
$1,350
$1,490
$1,870
$2,550
$2,770
FY 2023
$1,170
$1,210
$1,520
$2,080
$2,220
Questions about Montgomery, IL rents
How much will Section 8 pay for a two-bedroom in Montgomery, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,410, that basic range is $2,169 to $2,651 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 Montgomery, IL in?
Montgomery, 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 Montgomery, IL for FY 2027?
The two-bedroom FMR rose 13.7%, from $2,120 in FY 2026 to $2,410 in FY 2027. Since FY 2023 it has risen 58.6%.
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