Rental Benchmark Overview
2-Bedroom Benchmark Rent
$916$10,992 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Hancock County, IL
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Hancock County, IL
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $632 | $7,584 | $25,280 | $12.15/hr |
| 1-Bedroom Apartment | $791 | $9,492 | $31,640 | $15.21/hr |
| 2-Bedroom ApartmentStandard Benchmark | $916 | $10,992 | $36,640 | $17.62/hr |
| 3-Bedroom Home | $1,111 | $13,332 | $44,440 | $21.37/hr |
| 4-Bedroom Home | $1,213 | $14,556 | $48,520 | $23.33/hr |
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Frequently Asked Questions About Rent in Hancock County, IL
What is the Fair Market Rent for a 2-bedroom in Hancock County, IL?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Hancock County, IL is $916 per month ($10,992 per year).
What hourly wage is needed to afford rent in Hancock County, IL?
To comfortably afford a 2-bedroom apartment at $916/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $17.62 per hour ($36,640/year).
What are the HUD Fair Market Rents by bedroom count in Hancock County, IL?
Official 2026 HUD rents in Hancock County, IL are: Studio: $632/mo, 1-Bedroom: $791/mo, 2-Bedroom: $916/mo, 3-Bedroom: $1,111/mo, and 4-Bedroom: $1,213/mo.
How do HUD Fair Market Rents compare to local incomes in Hancock County, IL?
At the local Census ACS median household income of $65,865/year ($5,489/month), the benchmark 2-bedroom Fair Market Rent represents 16.7% of monthly income.
How is the 30% housing affordability standard calculated in Hancock County, IL?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $916/month, the required minimum annual gross income is calculated as ($916 × 12) ÷ 0.30 = $36,640 per year.