FMR is near market; voucher and private rents are aligned.
0.99
1 BR
1 BR- 60071
1.07ratio
FMR$1,460
Market$1,360
vs market+$100
FMR is near market; voucher and private rents are aligned.
1.07
2 BR
2 BR- 60071
0.87ratio
FMR$1,650
Market$1,890
vs market-$240
FMR is below market; voucher rent may lag private rents.
0.87
3 BR
3 BR- 60071
1.00ratio
FMR$2,120
Market$2,110
vs market+$10
FMR is near market; voucher and private rents are aligned.
1.00
4 BR
4 BR- 60071
0.94ratio
FMR$2,420
Market$2,570
vs market-$150
FMR is near market; voucher and private rents are aligned.
0.94
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
--
Richmond, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Richmond, IL is $1,650 a month. That is up 11.5% from $1,480 in FY 2026. Richmond 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 Richmond is 72% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Richmond, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,230
$1,380
+12.2%
$1,242–$1,518
1BR
$1,310
$1,460
+11.5%
$1,314–$1,606
2BR
$1,480
$1,650
+11.5%
$1,485–$1,815
3BR
$1,910
$2,120
+11.0%
$1,908–$2,332
4BR
$2,200
$2,420
+10.0%
$2,178–$2,662
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Richmond, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,380
$1,460
$1,650
$2,120
$2,420
FY 2026
$1,230
$1,310
$1,480
$1,910
$2,200
FY 2025
$1,200
$1,280
$1,450
$1,860
$2,190
FY 2024
$1,150
$1,240
$1,410
$1,790
$2,120
FY 2023
$940
$1,020
$1,170
$1,480
$1,760
Questions about Richmond, IL rents
How much will Section 8 pay for a two-bedroom in Richmond, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,650, that basic range is $1,485 to $1,815 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 Richmond, IL in?
Richmond, 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 Richmond, IL for FY 2027?
The two-bedroom FMR rose 11.5%, from $1,480 in FY 2026 to $1,650 in FY 2027. Since FY 2023 it has risen 41.0%.
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