FMR is near market; voucher and private rents are aligned.
0.94
1 BR
1 BR- 60070
0.93ratio
FMR$1,710
Market$1,840
vs market-$130
FMR is near market; voucher and private rents are aligned.
0.93
2 BR
2 BR- 60070
0.85ratio
FMR$1,930
Market$2,280
vs market-$350
FMR is below market; voucher rent may lag private rents.
0.85
3 BR
3 BR- 60070
0.86ratio
FMR$2,480
Market$2,890
vs market-$410
FMR is below market; voucher rent may lag private rents.
0.86
4 BR
4 BR- 60070
0.85ratio
FMR$2,830
Market$3,340
vs market-$510
FMR is below market; voucher rent may lag private rents.
0.85
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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Prospect Heights, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Prospect Heights, IL is $1,930 a month. That is up 12.9% from $1,710 in FY 2026. Prospect Heights 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 Prospect Heights is 102% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Prospect Heights, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,420
$1,610
+13.4%
$1,449–$1,771
1BR
$1,520
$1,710
+12.5%
$1,539–$1,881
2BR
$1,710
$1,930
+12.9%
$1,737–$2,123
3BR
$2,200
$2,480
+12.7%
$2,232–$2,728
4BR
$2,550
$2,830
+11.0%
$2,547–$3,113
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Prospect Heights, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,610
$1,710
$1,930
$2,480
$2,830
FY 2026
$1,420
$1,520
$1,710
$2,200
$2,550
FY 2025
$1,390
$1,490
$1,680
$2,160
$2,530
FY 2024
$1,330
$1,430
$1,630
$2,080
$2,460
FY 2023
$1,080
$1,170
$1,340
$1,700
$2,020
Questions about Prospect Heights, IL rents
How much will Section 8 pay for a two-bedroom in Prospect Heights, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,930, that basic range is $1,737 to $2,123 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 Prospect Heights, IL in?
Prospect Heights, 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 Prospect Heights, IL for FY 2027?
The two-bedroom FMR rose 12.9%, from $1,710 in FY 2026 to $1,930 in FY 2027. Since FY 2023 it has risen 44.0%.
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