FMR is near market; voucher and private rents are aligned.
1.02
1 BR
1 BR- 60464
1.04ratio
FMR$1,860
Market$1,790
vs market+$70
FMR is near market; voucher and private rents are aligned.
1.04
2 BR
2 BR- 60464
0.98ratio
FMR$2,100
Market$2,140
vs market-$40
FMR is near market; voucher and private rents are aligned.
0.98
3 BR
3 BR- 60464
0.99ratio
FMR$2,700
Market$2,740
vs market-$40
FMR is near market; voucher and private rents are aligned.
0.99
4 BR
4 BR- 60464
0.84ratio
FMR$3,080
Market$3,660
vs market-$580
FMR is below market; voucher rent may lag private rents.
0.84
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
--
Palos Park, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Palos Park, IL is $2,100 a month. That is down 7.1% from $2,260 in FY 2026. Palos Park 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 Palos Park is 119% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Palos Park, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,880
$1,750
−6.9%
$1,575–$1,925
1BR
$2,000
$1,860
−7.0%
$1,674–$2,046
2BR
$2,260
$2,100
−7.1%
$1,890–$2,310
3BR
$2,900
$2,700
−6.9%
$2,430–$2,970
4BR
$3,420
$3,080
−9.9%
$2,772–$3,388
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Palos Park, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,750
$1,860
$2,100
$2,700
$3,080
FY 2026
$1,880
$2,000
$2,260
$2,900
$3,420
FY 2025
$2,080
$2,220
$2,510
$3,220
$3,790
FY 2024
$2,030
$2,190
$2,490
$3,170
$3,750
FY 2023
$1,710
$1,850
$2,120
$2,690
$3,200
Questions about Palos Park, IL rents
How much will Section 8 pay for a two-bedroom in Palos Park, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,100, that basic range is $1,890 to $2,310 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 Palos Park, IL in?
Palos Park, 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 Palos Park, IL for FY 2027?
The two-bedroom FMR fell 7.1%, from $2,260 in FY 2026 to $2,100 in FY 2027. Since FY 2023 it has fallen 0.9%.
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