Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,143$13,716 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Mercer County, IL
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Mercer 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 | $817 | $9,804 | $32,680 | $15.71/hr |
| 1-Bedroom Apartment | $928 | $11,136 | $37,120 | $17.85/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,143 | $13,716 | $45,720 | $21.98/hr |
| 3-Bedroom Home | $1,498 | $17,976 | $59,920 | $28.81/hr |
| 4-Bedroom Home | $1,819 | $21,828 | $72,760 | $34.98/hr |
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Frequently Asked Questions About Rent in Mercer County, IL
What is the Fair Market Rent for a 2-bedroom in Mercer County, IL?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Mercer County, IL is $1,143 per month ($13,716 per year).
What hourly wage is needed to afford rent in Mercer County, IL?
To comfortably afford a 2-bedroom apartment at $1,143/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $21.98 per hour ($45,720/year).
What are the HUD Fair Market Rents by bedroom count in Mercer County, IL?
Official 2026 HUD rents in Mercer County, IL are: Studio: $817/mo, 1-Bedroom: $928/mo, 2-Bedroom: $1,143/mo, 3-Bedroom: $1,498/mo, and 4-Bedroom: $1,819/mo.
How do HUD Fair Market Rents compare to local incomes in Mercer County, IL?
At the local Census ACS median household income of $74,182/year ($6,182/month), the benchmark 2-bedroom Fair Market Rent represents 18.5% of monthly income.
How is the 30% housing affordability standard calculated in Mercer County, IL?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,143/month, the required minimum annual gross income is calculated as ($1,143 × 12) ÷ 0.30 = $45,720 per year.