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

Discover affordable housing in Oswego where there are 1+ 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.

Rose Terrace Apartments

3820 Wolf Rd, Oswego, Illinois 60543

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Oswego, Illinois
$32.97/hour
$18.97 (+136%) more than Illinois minimum wage and $25.72 (+355%) more than the Federal minimum wage.
Learn More About Oswego, Illinois Affordable Housing ↓

What HUD offices serve Oswego, 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 Section 8 Housing Choice Voucher (HCV), Family Self-Sufficiency, Veteran Affairs Supportive Housing (VASH), Section 8 Project-Based Voucher (PBV), Homeownership programs for Oswego, Illinois.
Operates the Section 8 Housing Choice Voucher (HCV), Mainstream Voucher programs for Oswego, Illinois.

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

How many renters live in Oswego, Illinois?

The City of Oswego has 34,810 people living in 12,203 households.

There are 3,063 renters living in 1,419 renter households in this City. Renters make up 8.8 percent of the population living in Oswego.

What is the rental market like in Oswego, Illinois?

There are an estimated 12,207 housing units in the Oswego area. Of these, 1,423 units are rental homes, making up 12 percent of the housing market. For every renter household in Oswego, Illinois, there are 1 rental units.

What is the vacancy rate for rentals in Oswego?

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

Occupied Rental Units by Size in Oswego
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 373 609 371 66
Occupied Rental Units by Size in Oswego

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

Among renter households in this market, 74 percent have housing cost burden. Further, 32 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 Oswego

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,180 to $2,564. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,180
One BR $1,325
Two BR $1,741
Three BR $2,453
Four BR $2,564
2024 Fair Market Rents in Oswego, Illinois

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

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
One BR 171 46 percent
Two BR 118 19 percent
Rental Units Below FMR in Oswego, Illinois

How many affordable rental units are in Oswego?

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

Federal Program Unit Count
Low Income Housing Tax Credit 96
Tracked Units by Federal Program in Oswego, Illinois

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

Income Based Apartments in Oswego, Illinois

Oswego features 0 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 Oswego, Illinois

There are 36 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Oswego.

Housing Choice Vouchers in Oswego, Illinois

On average, Section 8 Housing Choice vouchers pay Oswego landlords $2,000 per month towards rent. The average voucher holder contributes $500 towards rent in Oswego.

The maximum amount a voucher would pay on behalf of a low-income tenant in Oswego, Illinois for a two-bedroom apartment is between $1,567 and $1,915.

Sourced from federal housing data and AffordableHousingOnline.com research.