FY2027 Small Area FMR · Island Lake, IL
ZIP 60042 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 60042 (Island Lake, IL) is $2,540 a month, up 12.9% from FY2026. That is 26% above the Chicago-Joliet-Naperville, IL area-wide FMR of $2,011.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 60042 sits in the Chicago-Joliet-Naperville, IL area
Of the 370 ZIP codes HUD lists for the area, 60042 has the 73rd highest two-bedroom Small Area FMR. Chicago-Joliet-Naperville, IL is one of the 65 metro areas where HUD requires Small Area FMRs for the Housing Choice Voucher program (designated 2016), so local housing agencies must set payment standards from this ZIP code's figure, normally between $2,286 and $2,794 for two bedrooms.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $2,120 | $1,908 – $2,332 | $1,678 | $1,870 |
| 1 bedroom | $2,250 | $2,025 – $2,475 | $1,780 | $2,000 |
| 2 bedrooms | $2,540 | $2,286 – $2,794 | $2,011 | $2,250 |
| 3 bedrooms | $3,270 | $2,943 – $3,597 | $2,586 | $2,900 |
| 4 bedrooms | $3,730 | $3,357 – $4,103 | $2,954 | $3,350 |
A household renting a two-bedroom home at the Small Area FMR of $2,540 needs about $101,600 a year to keep housing costs at 30% of income. The area median family income is $121,500 and the 80% low-income limit for four people is $97,200. ZIP code 60042 lies mainly in Lake County and McHenry County. See the Chicago-Joliet-Naperville, IL metro page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 60042?
HUD's FY2027 Small Area Fair Market Rents for 60042 are $2,120 (studio), $2,250 (1 BR), $2,540 (2 BR), $3,270 (3 BR) and $3,730 (4 BR) a month.
What is the Section 8 payment standard in 60042?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 60042 that range is $2,286 to $2,794 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 60042?
The FY2026 income limits of the Chicago-Joliet-Naperville, IL area apply: median family income $121,500, low-income (80%) limit $97,200 for a family of four.