FY2027 Small Area FMR · Lake Forest, IL

ZIP 60045 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 60045 (Lake Forest, IL) is $2,960 a month, up 10.9% from FY2026. That is 47% above the Chicago-Joliet-Naperville, IL area-wide FMR of $2,011.

2-bedroom SAFMR$2,960per month ▲ 10.9%

Area-wide 2 BR FMR$2,011Chicago-Joliet-Naperville, I

Rank in the area29thof 370 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$2,664

2 BR Small Area FMR$2,960

110% of SAFMR$3,256

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$2,470▲ 11.3%

1 BR$2,620▲ 10.5%

2 BR$2,960▲ 10.9%

3 BR$3,810▲ 10.8%

4 BR$4,350▲ 9.3%

FY2027 FY2026

Where 60045 sits in the Chicago-Joliet-Naperville, IL area

Of the 370 ZIP codes HUD lists for the area, 60045 has the 29th 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 $2,664 and $3,256 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$2,470	$2,223 – $2,717	$1,678	$2,220
1 bedroom	$2,620	$2,358 – $2,882	$1,780	$2,370
2 bedrooms	$2,960	$2,664 – $3,256	$2,011	$2,670
3 bedrooms	$3,810	$3,429 – $4,191	$2,586	$3,440
4 bedrooms	$4,350	$3,915 – $4,785	$2,954	$3,980

A household renting a two-bedroom home at the Small Area FMR of $2,960 needs about $118,400 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 60045 lies mainly in Lake County. See the Chicago-Joliet-Naperville, IL metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
60044	Lake Bluff	3.3 mi	$2,280
60040	Highwood	3.3 mi	$2,550
60069	Lincolnshire	4.2 mi	$3,020
60015	Deerfield	4.4 mi	$3,020
60035	Highland Park	4.6 mi	$2,670
60061	Vernon Hills	4.8 mi	$2,620

Questions

What is the Fair Market Rent for ZIP code 60045?

HUD's FY2027 Small Area Fair Market Rents for 60045 are $2,470 (studio), $2,620 (1 BR), $2,960 (2 BR), $3,810 (3 BR) and $4,350 (4 BR) a month.

What is the Section 8 payment standard in 60045?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 60045 that range is $2,664 to $3,256 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 60045?

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.