What is the Fair Market Rent in Island Lake, IL?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 60042, which covers Island Lake, is $2,540 a month.

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 Island Lake is $1,605 (±$335), below the Small Area figure for ZIP 60042.

Figures last updated on November 12, 2026.

2 bedrooms, whole area: $2,011
2 bedrooms, ZIP 60042: $2,540

Fair Market Rents for Island Lake, 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
	Studio	1 bedroom	2 bedrooms	3 bedrooms	4 bedrooms	Census median rent
Chicago-Joliet-Naperville, IL HUD Metro FMR Area (whole area)	$1,678	$1,780	$2,011	$2,586	$2,954	—
ZIP 60042 (69% of the ZIP’s land is in this place)	$2,120	$2,250	$2,540	$3,270	$3,730	$1,852

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.

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Questions about Island Lake

What is the Section 8 payment standard in Island Lake?

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 60042 is $2,540.

What is the Fair Market Rent for a two-bedroom in ZIP 60042?

HUD’s fiscal year 2027 Small Area Fair Market Rent for a two-bedroom home in ZIP 60042 is $2,540 a month; the Census Bureau’s median gross rent across that ZIP code, for homes of every size, is $1,852 (±$199).

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

HUD’s fiscal year 2027 Small Area Fair Market Rent for a one-bedroom home in ZIP 60042 is $2,250 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.