FMR is near market; voucher and private rents are aligned.
0.92
1 BR
1 BR- 61874
0.74ratio
FMR$910
Market$1,230
vs market-$320
FMR is below market; voucher rent may lag private rents.
0.74
2 BR
2 BR- 61874
0.80ratio
FMR$1,070
Market$1,340
vs market-$270
FMR is below market; voucher rent may lag private rents.
0.80
3 BR
3 BR- 61874
0.71ratio
FMR$1,340
Market$1,880
vs market-$540
FMR is below market; voucher rent may lag private rents.
0.71
4 BR
4 BR- 61874
0.56ratio
FMR$1,410
Market$2,520
vs market-$1,110
FMR is below market; voucher rent may lag private rents.
0.56
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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Savoy, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Savoy, IL is $1,070 a month. That is up 4.9% from $1,020 in FY 2026. Savoy is in the Champaign-Urbana, IL HUD Metro 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 metro-wide two-bedroom FMR of $1,173. The median county two-bedroom FMR in Illinois is $958, so Savoy is 12% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Savoy, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$860
$900
+4.7%
$810–$990
1BR
$860
$910
+5.8%
$819–$1,001
2BR
$1,020
$1,070
+4.9%
$963–$1,177
3BR
$1,310
$1,340
+2.3%
$1,206–$1,474
4BR
$1,350
$1,410
+4.4%
$1,269–$1,551
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Savoy, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$900
$910
$1,070
$1,340
$1,410
FY 2026
$860
$860
$1,020
$1,310
$1,350
FY 2025
$850
$850
$1,010
$1,310
$1,340
FY 2024
$830
$840
$990
$1,290
$1,320
FY 2023
$840
$850
$1,000
$1,300
$1,340
Questions about Savoy, IL rents
How much will Section 8 pay for a two-bedroom in Savoy, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,173, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,056 to $1,290 a month; under the ZIP-level Small Area FMR of $1,070 it would be $963 to $1,177. 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 Savoy, IL in?
Savoy, IL is in the Champaign-Urbana, IL HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,173.
How much did fair market rent change in Savoy, IL for FY 2027?
The two-bedroom FMR rose 4.9%, from $1,020 in FY 2026 to $1,070 in FY 2027. Since FY 2023 it has risen 7.0%.
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