Low Income Apartments and Affordable Housing For Rent in Altamont, IL

Discover affordable housing in Altamont where there are 2+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Zink Apartments Altamont Watson

10 W Zink Dr, Altamont, Illinois 62411

Altamont Senior Residences

406 East Cumberland Road, Altamont, Illinois 62411

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Altamont, Illinois
$15.28/hour
$1.28 (+9%) more than Illinois minimum wage and $8.03 (+111%) more than the Federal minimum wage.
Learn More About Altamont, Illinois Affordable Housing ↓

What HUD offices serve Altamont, Illinois?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Public Housing programs for Altamont, Illinois.

Go to the Illinois Public Housing and Low-Income Apartments Waiting Lists page for openings near Altamont.

How many renters live in Altamont, Illinois?

The City of Altamont has 2,231 people living in 1,007 households.

There are 416 renters living in 237 renter households in this City. Renters make up 18.65 percent of the population living in Altamont.

What is the rental market like in Altamont, Illinois?

There are an estimated 1,018 housing units in the Altamont area. Of these, 237 units are rental homes, making up 23 percent of the housing market. For every renter household in Altamont, Illinois, there are 1 rental units.

What is the vacancy rate for rentals in Altamont?

The rental vacancy rate in Altamont is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Altamont for each bedroom size?

Occupied Rental Units by Size in Altamont
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
60 10 110 57 0
Occupied Rental Units by Size in Altamont

A large number of apartments in Altamont have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Altamont are overburdened by housing costs?

Among renter households in this market, 43 percent have housing cost burden. Further, 19 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Altamont

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $625 to $1,173. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $625
One BR $629
Two BR $807
Three BR $1,125
Four BR $1,173
2024 Fair Market Rents in Altamont, Illinois

How many units are rented at Fair Market Rent (FMR) in Altamont?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 30 50 percent
One BR 3 30 percent
Two BR 33 30 percent
Rental Units Below FMR in Altamont, Illinois

How many affordable rental units are in Altamont?

There are a variety of federal affordable housing programs serving households in Altamont, Illinois including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 30
Public Housing 14
Section 8 Project-Based Rental Assistance 1
Tracked Units by Federal Program in Altamont, Illinois

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Altamont, Illinois

Altamont features 18 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Altamont, Illinois

There are 30 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Altamont.

Housing Choice Vouchers in Altamont, Illinois

On average, Section 8 Housing Choice vouchers pay Altamont landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Altamont.

The maximum amount a voucher would pay on behalf of a low-income tenant in Altamont, Illinois for a two-bedroom apartment is between $726 and $888.

Sourced from federal housing data and AffordableHousingOnline.com research.