Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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Mount Carmel, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Mount Carmel, IL is $990 a month. That is up 7.6% from $920 in FY 2026. Mount Carmel is in the Wabash County, IL non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $992. The median county two-bedroom FMR in Illinois is $958, so Mount Carmel is 3% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Mount Carmel, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$630
$690
+9.5%
$621–$759
1BR
$700
$760
+8.6%
$684–$836
2BR
$920
$990
+7.6%
$891–$1,089
3BR
$1,280
$1,370
+7.0%
$1,233–$1,507
4BR
$1,310
$1,430
+9.2%
$1,287–$1,573
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Mount Carmel, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$690
$760
$990
$1,370
$1,430
FY 2026
$630
$700
$920
$1,280
$1,310
FY 2025
$600
$660
$870
$1,220
$1,240
FY 2024area FMR
$547
$614
$807
$1,122
$1,126
FY 2023area FMR
$547
$621
$818
$1,084
$1,142
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about Mount Carmel, IL rents
How much will Section 8 pay for a two-bedroom in Mount Carmel, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $992, which applies unless the housing authority uses Small Area FMRs, that basic range is $893 to $1,091 a month; under the ZIP-level Small Area FMR of $990 it would be $891 to $1,089. 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 Mount Carmel, IL in?
Mount Carmel, IL is in the Wabash County, IL non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $992.
How much did fair market rent change in Mount Carmel, IL for FY 2027?
The two-bedroom FMR rose 7.6%, from $920 in FY 2026 to $990 in FY 2027. Since FY 2025 it has risen 13.8%.
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