FMR is near market; voucher and private rents are aligned.
1.04
1 BR
1 BR- 60501
1.03ratio
FMR$1,350
Market$1,310
vs market+$40
FMR is near market; voucher and private rents are aligned.
1.03
2 BR
2 BR- 60501
0.83ratio
FMR$1,530
Market$1,840
vs market-$310
FMR is below market; voucher rent may lag private rents.
0.83
3 BR
3 BR- 60501
0.82ratio
FMR$1,970
Market$2,410
vs market-$440
FMR is below market; voucher rent may lag private rents.
0.82
4 BR
4 BR- 60501
0.78ratio
FMR$2,250
Market$2,900
vs market-$650
FMR is below market; voucher rent may lag private rents.
0.78
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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Summit Argo, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Summit Argo, IL is $1,530 a month. That is up 15.9% from $1,320 in FY 2026. Summit Argo 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 Summit Argo is 60% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Summit Argo, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,100
$1,280
+16.4%
$1,152–$1,408
1BR
$1,170
$1,350
+15.4%
$1,215–$1,485
2BR
$1,320
$1,530
+15.9%
$1,377–$1,683
3BR
$1,700
$1,970
+15.9%
$1,773–$2,167
4BR
$1,970
$2,250
+14.2%
$2,025–$2,475
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Summit Argo, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,280
$1,350
$1,530
$1,970
$2,250
FY 2026
$1,100
$1,170
$1,320
$1,700
$1,970
FY 2025
$1,080
$1,160
$1,310
$1,680
$1,980
FY 2024
$1,040
$1,120
$1,270
$1,620
$1,910
FY 2023
$870
$940
$1,080
$1,370
$1,630
Questions about Summit Argo, IL rents
How much will Section 8 pay for a two-bedroom in Summit Argo, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,530, that basic range is $1,377 to $1,683 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 Summit Argo, IL in?
Summit Argo, 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 Summit Argo, IL for FY 2027?
The two-bedroom FMR rose 15.9%, from $1,320 in FY 2026 to $1,530 in FY 2027. Since FY 2023 it has risen 41.7%.
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