What HUD offices serve Lake Zurich, 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.
Go to the Illinois Public Housing and Low-Income Apartments Waiting Lists page for openings near Lake Zurich.
How many renters live in Lake Zurich, Illinois?
The City of Lake Zurich has 19,749 people living in 7,173 households.
There are 2,115 renters living in 1,254 renter households in this City. Renters make up 10.71 percent of the population living in Lake Zurich.
What is the rental market like in Lake Zurich, Illinois?
There are an estimated 7,479 housing units in the Lake Zurich area. Of these, 1,311 units are rental homes, making up 18 percent of the housing market. For every renter household in Lake Zurich, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Lake Zurich?
The rental vacancy rate in Lake Zurich is 4 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 Lake Zurich for each bedroom size?
Occupied Rental Units by Size in Lake Zurich
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 84 | 586 | 322 | 140 | 122 |
Occupied Rental Units by Size in Lake Zurich
A large number of apartments in Lake Zurich 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 Lake Zurich are overburdened by housing costs?
Among renter households in this market, 44 percent have housing cost burden. Further, 17 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 Lake Zurich
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,399 to $2,583. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,399 |
| One BR | $1,507 |
| Two BR | $1,714 |
| Three BR | $2,182 |
| Four BR | $2,583 |
2024 Fair Market Rents in Lake Zurich, Illinois
How many units are rented at Fair Market Rent (FMR) in Lake Zurich?
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 | 33 | 39 percent |
| One BR | 237 | 40 percent |
| Two BR | 128 | 40 percent |
Rental Units Below FMR in Lake Zurich, Illinois
How many affordable rental units are in Lake Zurich?
There are a variety of federal affordable housing programs serving households in Lake Zurich, Illinois including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 145 |
| Public Housing | 2 |
| Section 8 Project-Based Rental Assistance | 70 |
Tracked Units by Federal Program in Lake Zurich, Illinois
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lake Zurich, Illinois
Lake Zurich features 70 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 Lake Zurich, Illinois
There are 95 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Zurich.
Housing Choice Vouchers in Lake Zurich, Illinois
On average, Section 8 Housing Choice vouchers pay Lake Zurich landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Zurich.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Zurich, Illinois for a two-bedroom apartment is between $1,543 and $1,885.
Sourced from federal housing data and AffordableHousingOnline.com research.
