Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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Waterman, IL fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Waterman, IL is $1,370 a month. That is up 9.6% from $1,250 in FY 2026. Waterman is in the DeKalb County, 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 $1,481. The median county two-bedroom FMR in Illinois is $958, so Waterman is 43% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Waterman, IL
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$860
$970
+12.8%
$873–$1,067
1BR
$960
$1,070
+11.5%
$963–$1,177
2BR
$1,250
$1,370
+9.6%
$1,233–$1,507
3BR
$1,710
$1,860
+8.8%
$1,674–$2,046
4BR
$2,100
$2,130
+1.4%
$1,917–$2,343
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Waterman, IL
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$970
$1,070
$1,370
$1,860
$2,130
FY 2026
$860
$960
$1,250
$1,710
$2,100
FY 2025
$830
$920
$1,210
$1,690
$2,030
FY 2024
$770
$860
$1,130
$1,590
$1,920
FY 2023
$660
$760
$980
$1,390
$1,670
Questions about Waterman, IL rents
How much will Section 8 pay for a two-bedroom in Waterman, IL?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,481, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,333 to $1,629 a month; under the ZIP-level Small Area FMR of $1,370 it would be $1,233 to $1,507. 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 Waterman, IL in?
Waterman, IL is in the DeKalb County, IL HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,481.
How much did fair market rent change in Waterman, IL for FY 2027?
The two-bedroom FMR rose 9.6%, from $1,250 in FY 2026 to $1,370 in FY 2027. Since FY 2023 it has risen 39.8%.
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