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

Discover affordable housing in Henry where there are 3+ 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.

Indian Town Home Association

429 Finfgeld Cir, Henry, Illinois 61537

Henry Home Association

200 Stoner Dr, Henry, Illinois 61537

Oak Field Place

1515 Bryan Street, Henry, Illinois 61537

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Henry, Illinois
$18.28/hour
$4.28 (+31%) more than Illinois minimum wage and $11.03 (+152%) more than the Federal minimum wage.
Learn More About Henry, Illinois Affordable Housing ↓

How many renters live in Henry, Illinois?

The City of Henry has 2,471 people living in 1,068 households.

There are 627 renters living in 283 renter households in this City. Renters make up 25.37 percent of the population living in Henry.

What is the rental market like in Henry, Illinois?

There are an estimated 1,165 housing units in the Henry area. Of these, 283 units are rental homes, making up 24 percent of the housing market. For every renter household in Henry, Illinois, there are 1 rental units.

What is the vacancy rate for rentals in Henry?

The rental vacancy rate in Henry 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 Henry for each bedroom size?

Occupied Rental Units by Size in Henry
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
39 40 90 113 1
Occupied Rental Units by Size in Henry

A large number of apartments in Henry 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 Henry are overburdened by housing costs?

Among renter households in this market, 24 percent have housing cost burden. Further, 14 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 Henry

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $683 to $1,293. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $683
One BR $756
Two BR $965
Three BR $1,258
Four BR $1,293
2024 Fair Market Rents in Henry, Illinois

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

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 39 100 percent
One BR 40 100 percent
Two BR 83 92 percent
Rental Units Below FMR in Henry, Illinois

How many affordable rental units are in Henry?

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

Federal Program Unit Count
Section 8 Project-Based Rental Assistance 24
Section 202 Supportive Housing for the Elderly 24
Tracked Units by Federal Program in Henry, Illinois

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

Income Based Apartments in Henry, Illinois

Henry features 48 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 Henry, Illinois

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

Housing Choice Vouchers in Henry, Illinois

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Henry, Illinois for a two-bedroom apartment is between $869 and $1,062.

Sourced from federal housing data and AffordableHousingOnline.com research.