FMR is below market; voucher rent may lag private rents.
0.85
1 BR
1 BR- 60056
0.93ratio
FMR$1,810
Market$1,940
vs market-$130
FMR is near market; voucher and private rents are aligned.
0.93
2 BR
2 BR- 60056
0.88ratio
FMR$2,040
Market$2,330
vs market-$290
FMR is below market; voucher rent may lag private rents.
0.88
3 BR
3 BR- 60056
0.88ratio
FMR$2,620
Market$2,970
vs market-$350
FMR is below market; voucher rent may lag private rents.
0.88
4 BR
4 BR- 60056
0.85ratio
FMR$3,000
Market$3,520
vs market-$520
FMR is below market; voucher rent may lag private rents.
0.85
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
--
Mount Prospect, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Mount Prospect, IL is $2,040 a month. That is up 6.8% from $1,910 in FY 2026. Mount Prospect 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 Mount Prospect is 113% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Mount Prospect, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,590
$1,700
+6.9%
$1,530–$1,870
1BR
$1,700
$1,810
+6.5%
$1,629–$1,991
2BR
$1,910
$2,040
+6.8%
$1,836–$2,244
3BR
$2,460
$2,620
+6.5%
$2,358–$2,882
4BR
$2,850
$3,000
+5.3%
$2,700–$3,300
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Mount Prospect, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,700
$1,810
$2,040
$2,620
$3,000
FY 2026
$1,590
$1,700
$1,910
$2,460
$2,850
FY 2025
$1,550
$1,660
$1,870
$2,400
$2,820
FY 2024
$1,490
$1,600
$1,820
$2,320
$2,740
FY 2023
$1,240
$1,340
$1,540
$1,950
$2,320
Questions about Mount Prospect, IL rents
How much will Section 8 pay for a two-bedroom in Mount Prospect, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,040, that basic range is $1,836 to $2,244 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 Mount Prospect, IL in?
Mount Prospect, 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 Mount Prospect, IL for FY 2027?
The two-bedroom FMR rose 6.8%, from $1,910 in FY 2026 to $2,040 in FY 2027. Since FY 2023 it has risen 32.5%.
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