FY2027 Small Area FMR · Elgin, IL

ZIP 60123 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 60123 (Elgin, IL) is $1,790 a month, up 12.6% from FY2026. That is 11% below the Chicago-Joliet-Naperville, IL area-wide FMR of $2,011.

2-bedroom SAFMR$1,790per month ▲ 12.6%

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

Rank in the area279thof 370 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,611

2 BR Small Area FMR$1,790

110% of SAFMR$1,969

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

Studio$1,490▲ 12.9%

1 BR$1,580▲ 12.1%

2 BR$1,790▲ 12.6%

3 BR$2,300▲ 12.2%

4 BR$2,630▲ 11.0%

FY2027 FY2026

Where 60123 sits in the Chicago-Joliet-Naperville, IL area

Of the 370 ZIP codes HUD lists for the area, 60123 has the 279th 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 $1,611 and $1,969 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,490	$1,341 – $1,639	$1,678	$1,320
1 bedroom	$1,580	$1,422 – $1,738	$1,780	$1,410
2 bedrooms	$1,790	$1,611 – $1,969	$2,011	$1,590
3 bedrooms	$2,300	$2,070 – $2,530	$2,586	$2,050
4 bedrooms	$2,630	$2,367 – $2,893	$2,954	$2,370

A household renting a two-bedroom home at the Small Area FMR of $1,790 needs about $71,600 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 60123 lies mainly in Kane 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
60177	South Elgin	3.6 mi	$2,280
60120	Elgin	3.8 mi	$1,910
60118	Dundee	4.5 mi	$2,090
60124	Elgin	4.8 mi	$2,690
60110	Carpentersville	5.2 mi	$2,020
60136	Gilberts	5.7 mi	$2,650

Questions

What is the Fair Market Rent for ZIP code 60123?

HUD's FY2027 Small Area Fair Market Rents for 60123 are $1,490 (studio), $1,580 (1 BR), $1,790 (2 BR), $2,300 (3 BR) and $2,630 (4 BR) a month.

What is the Section 8 payment standard in 60123?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 60123 that range is $1,611 to $1,969 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 60123?

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.