FMR is below market; voucher rent may lag private rents.
0.77
1 BR
1 BR- 61354
0.71ratio
FMR$770
Market$1,090
vs market-$320
FMR is below market; voucher rent may lag private rents.
0.71
2 BR
2 BR- 61354
0.74ratio
FMR$980
Market$1,320
vs market-$340
FMR is below market; voucher rent may lag private rents.
0.74
3 BR
3 BR- 61354
0.85ratio
FMR$1,300
Market$1,530
vs market-$230
FMR is below market; voucher rent may lag private rents.
0.85
4 BR
4 BR- 61354
0.96ratio
FMR$1,570
Market$1,640
vs market-$70
FMR is near market; voucher and private rents are aligned.
0.96
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
--
Peru, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Peru, IL is $980 a month. That is up 2.1% from $960 in FY 2026. Peru is in the Bureau 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 $981. The median county two-bedroom FMR in Illinois is $958, so Peru is 2% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Peru, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$690
$700
+1.4%
$630–$770
1BR
$730
$770
+5.5%
$693–$847
2BR
$960
$980
+2.1%
$882–$1,078
3BR
$1,280
$1,300
+1.6%
$1,170–$1,430
4BR
$1,510
$1,570
+4.0%
$1,413–$1,727
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Peru, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$700
$770
$980
$1,300
$1,570
FY 2026
$690
$730
$960
$1,280
$1,510
FY 2025
$660
$690
$900
$1,210
$1,360
FY 2024area FMR
$603
$677
$890
$1,093
$1,284
FY 2023area FMR
$544
$618
$814
$994
$1,128
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about Peru, IL rents
How much will Section 8 pay for a two-bedroom in Peru, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $981, which applies unless the housing authority uses Small Area FMRs, that basic range is $883 to $1,079 a month; under the ZIP-level Small Area FMR of $980 it would be $882 to $1,078. 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 Peru, IL in?
Peru, IL is in the Bureau County, IL non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $981.
How much did fair market rent change in Peru, IL for FY 2027?
The two-bedroom FMR rose 2.1%, from $960 in FY 2026 to $980 in FY 2027. Since FY 2025 it has risen 8.9%.
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