FMR is near market; voucher and private rents are aligned.
1.05
2 BR
2 BR- 60068
0.99ratio
FMR$2,090
Market$2,110
vs market-$20
FMR is near market; voucher and private rents are aligned.
0.99
3 BR
3 BR- 60068
0.91ratio
FMR$2,690
Market$2,970
vs market-$280
FMR is near market; voucher and private rents are aligned.
0.91
4 BR
4 BR- 60068
0.90ratio
FMR$3,070
Market$3,400
vs market-$330
FMR is near market; voucher and private rents are aligned.
0.90
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
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Park Ridge, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Park Ridge, IL is $2,090 a month. That is up 7.7% from $1,940 in FY 2026. Park Ridge 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 Ridge is 118% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Park Ridge, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,610
$1,740
+8.1%
$1,566–$1,914
1BR
$1,720
$1,850
+7.6%
$1,665–$2,035
2BR
$1,940
$2,090
+7.7%
$1,881–$2,299
3BR
$2,500
$2,690
+7.6%
$2,421–$2,959
4BR
$2,890
$3,070
+6.2%
$2,763–$3,377
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Park Ridge, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,740
$1,850
$2,090
$2,690
$3,070
FY 2026
$1,610
$1,720
$1,940
$2,500
$2,890
FY 2025
$1,600
$1,710
$1,930
$2,480
$2,910
FY 2024
$1,580
$1,710
$1,940
$2,470
$2,920
FY 2023
$1,320
$1,430
$1,640
$2,080
$2,470
Questions about Park Ridge, IL rents
How much will Section 8 pay for a two-bedroom in Park Ridge, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,090, that basic range is $1,881 to $2,299 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 Ridge, IL in?
Park Ridge, 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 Ridge, IL for FY 2027?
The two-bedroom FMR rose 7.7%, from $1,940 in FY 2026 to $2,090 in FY 2027. Since FY 2023 it has risen 27.4%.
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