What is the Fair Market Rent in Elgin, IL?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home runs from $1,790 to $2,690 a month across the 3 ZIP codes that cover Elgin.

By ZIP code: 60123 $1,790, 60120 $1,910, 60124 $2,690.

Across the whole Chicago-Joliet-Naperville, IL HUD Metro FMR Area the two-bedroom figure is $2,011.

The Census Bureau’s median gross rent for a two-bedroom home in Elgin is $1,375 (±$53), below the Small Area figure for ZIP 60123.

Figures last updated on .

2 bedrooms, whole area
$2,011
2 bedrooms, ZIP 60123
$1,790
2 bedrooms, ZIP 60120
$1,910
2 bedrooms, ZIP 60124
$2,690

Fair Market Rents for Elgin, fiscal year 2027

HUD Fair Market Rent, dollars a month (gross rent, including utilities), beside the Census Bureau’s median gross rent for each ZIP code
Studio1 bedroom2 bedrooms3 bedrooms4 bedroomsCensus median rent
Chicago-Joliet-Naperville, IL HUD Metro FMR Area (whole area)$1,678$1,780$2,011$2,586$2,954—
ZIP 60123 (94% of the ZIP’s land is in this place)$1,490$1,580$1,790$2,300$2,630$1,292
ZIP 60120 (56% of the ZIP’s land is in this place)$1,590$1,690$1,910$2,460$2,810$1,371
ZIP 60124 (30% of the ZIP’s land is in this place)$2,240$2,380$2,690$3,460$3,950$1,957

A Fair Market Rent is HUD’s estimate of the gross rent (shelter plus utilities) of a modest rental home in the area.

Whether a housing authority uses the ZIP code (Small Area) figures or the area-wide one depends on whether HUD has designated the area for Small Area FMRs or the authority has opted in; ask the local housing authority which applies.

What you can do on Seayora in Elgin

One account for renting, owning, managing and fixing homes, with these figures beside you.

Own or manage a rental?

List it, sign the lease and collect rent online, with the figures for Elgin beside you.

Create a landlord account · See what landlords get

Looking for a place to rent?

Browse homes for rent near Elgin, save the ones you like and apply online.

Browse rentals · Create a renter account

Do repairs, renovations or maintenance?

Get found by owners and renters near Elgin, and send estimates and invoices from your phone.

Join as a pro · Find a pro

Questions about Elgin

What is the Section 8 payment standard in Elgin?

Housing authorities set payment standards between 90% and 110% of HUD’s Fair Market Rent; for fiscal year 2027, the two-bedroom Fair Market Rent for the Chicago-Joliet-Naperville, IL HUD Metro FMR Area is $2,011, and the Small Area figure for 60123 is $1,790.

What is the Fair Market Rent for a two-bedroom in ZIP 60123?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 60123 is $1,790 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,292 (±$79).

What is the Fair Market Rent for a two-bedroom in ZIP 60120?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 60120 is $1,910 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,371 (±$103).

What is the Fair Market Rent for a two-bedroom in ZIP 60124?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 60124 is $2,690 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,957 (±$225).

What is the Fair Market Rent for a one-bedroom in Elgin?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a one-bedroom home in ZIP 60123 is $1,580 a month, against $1,780 across the Chicago-Joliet-Naperville, IL HUD Metro FMR Area.

Sources

Figures are published by the US Census Bureau, HUD, the Bureau of Labor Statistics and the FBI; Seayora reproduces them and does not adjust them, except where a sentence says it compares dollar figures after inflation. They describe the whole place, not any one building or street, and are not an appraisal, a rent determination, a tax bill, a safety rating or legal advice.

Figures last updated on .

Related