What HUD offices serve Mount Prospect, 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 Mount Prospect.
How many renters live in Mount Prospect, Illinois?
The City of Mount Prospect has people living in households.
There are renters living in renter households in this City. Renters make up 28.41 percent of the population living in Mount Prospect.
What is the rental market like in Mount Prospect, Illinois?
There are an estimated housing units in the Mount Prospect area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Mount Prospect, Illinois, there are 1.04 rental units.
What is the vacancy rate for rentals in Mount Prospect?
The rental vacancy rate in Mount Prospect 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 Mount Prospect for each bedroom size?
Occupied Rental Units by Size in Mount Prospect
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 448 | 2,454 | 2,699 | 794 | 152 |
Occupied Rental Units by Size in Mount Prospect
A large number of apartments in Mount Prospect have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Mount Prospect
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 Mount Prospect, Illinois
How many units are rented at Fair Market Rent (FMR) in Mount Prospect?
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 | 322 | 72 percent |
| One BR | 2,227 | 91 percent |
| Two BR | 1,654 | 61 percent |
Rental Units Below FMR in Mount Prospect, Illinois
How many affordable rental units are in Mount Prospect?
There are a variety of federal affordable housing programs serving households in Mount Prospect, Illinois including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Section 8 Project-Based Rental Assistance |
Tracked Units by Federal Program in Mount Prospect, Illinois
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Mount Prospect, Illinois
Mount Prospect features 336 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 Mount Prospect, Illinois
There are 74 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mount Prospect.
Housing Choice Vouchers in Mount Prospect, Illinois
On average, Section 8 Housing Choice vouchers pay Mount Prospect landlords $1,000 per month towards rent. The average voucher holder contributes $400 towards rent in Mount Prospect.
The maximum amount a voucher would pay on behalf of a low-income tenant in Mount Prospect, Illinois for a two-bedroom apartment is between $1,543 and $1,885.
Sourced from federal housing data and AffordableHousingOnline.com research.
