For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 60088 (Great Lakes, IL) is $2,550 a month. That is up 9.0% from $2,340 in FY 2026. Great Lakes 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. Among 39 ZIP codes in Lake County, 60088 is tied for the 10th-highest two-bedroom rent (county range $1,440–$3,020). The median county two-bedroom FMR in Illinois is $958, so ZIP 60088 is 166% above it.
How much will Section 8 pay for a two-bedroom in ZIP 60088?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,550, that basic range is $2,295 to $2,805 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 ZIP 60088 in?
ZIP 60088 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 ZIP 60088 for FY 2027?
The two-bedroom FMR rose 9.0%, from $2,340 in FY 2026 to $2,550 in FY 2027. Since FY 2023 it has risen 25.0%.
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