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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Oakwood, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Oakwood, IL is $950 a month. That is unchanged from FY 2026. Oakwood is in the Vermilion 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 $956.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Oakwood, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$650
$740
+13.8%
$666–$814
1BR
$720
$740
+2.8%
$666–$814
2BR
$950
$950
0.0%
$855–$1,045
3BR
$1,150
$1,270
+10.4%
$1,143–$1,397
4BR
$1,270
$1,330
+4.7%
$1,197–$1,463
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Oakwood, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$740
$740
$950
$1,270
$1,330
FY 2026
$650
$720
$950
$1,150
$1,270
FY 2025
$650
$720
$950
$1,160
$1,280
FY 2024
$650
$680
$900
$1,120
$1,200
FY 2023
$640
$660
$870
$1,100
$1,170
Questions about Oakwood, IL rents
How much will Section 8 pay for a two-bedroom in Oakwood, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $956, which applies unless the housing authority uses Small Area FMRs, that basic range is $860 to $1,052 a month; under the ZIP-level Small Area FMR of $950 it would be $855 to $1,045. 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 Oakwood, IL in?
Oakwood, IL is in the Vermilion County, IL non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $956.
How much did fair market rent change in Oakwood, IL for FY 2027?
The two-bedroom FMR was unchanged at $950 in FY 2027. Since FY 2023 it has risen 9.2%.
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