FMR is near market; voucher and private rents are aligned.
1.01
2 BR
2 BR- 60466
1.09ratio
FMR$1,980
Market$1,810
vs market+$170
FMR is near market; voucher and private rents are aligned.
1.09
3 BR
3 BR- 60466
1.23ratio
FMR$2,550
Market$2,070
vs market+$480
FMR is above market; underwrite to market rent.
1.23
4 BR
4 BR- 60466
1.09ratio
FMR$2,910
Market$2,670
vs market+$240
FMR is near market; voucher and private rents are aligned.
1.09
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
--
Park Forest, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Park Forest, IL is $1,980 a month. That is up 9.4% from $1,810 in FY 2026. Park Forest 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 Park Forest is 107% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Park Forest, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,500
$1,650
+10.0%
$1,485–$1,815
1BR
$1,610
$1,750
+8.7%
$1,575–$1,925
2BR
$1,810
$1,980
+9.4%
$1,782–$2,178
3BR
$2,330
$2,550
+9.4%
$2,295–$2,805
4BR
$2,700
$2,910
+7.8%
$2,619–$3,201
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Park Forest, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,650
$1,750
$1,980
$2,550
$2,910
FY 2026
$1,500
$1,610
$1,810
$2,330
$2,700
FY 2025
$1,520
$1,630
$1,840
$2,360
$2,780
FY 2024
$1,460
$1,570
$1,790
$2,280
$2,700
FY 2023
$1,210
$1,320
$1,510
$1,920
$2,280
Questions about Park Forest, IL rents
How much will Section 8 pay for a two-bedroom in Park Forest, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,980, that basic range is $1,782 to $2,178 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 Park Forest, IL in?
Park Forest, 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 Park Forest, IL for FY 2027?
The two-bedroom FMR rose 9.4%, from $1,810 in FY 2026 to $1,980 in FY 2027. Since FY 2023 it has risen 31.1%.
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