Affordable Housing Online - Logo

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

Discover affordable housing in Savoy 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.

Image of Parkview Senior Apartments

Parkview Senior Apartments

100 Parkview Ln, Savoy, Illinois 61874

bed 1-2
payment $770-915/mo.
switch_access_shortcut Short Wait
payment Subsidized
real_estate_agent Accepts Vouchers
auto_awesome Focus Results:
switch_access_shortcut Short Wait
payment Subsidized
real_estate_agent Accepts Vouchers
elderly Senior
payment Income Based
accessibility Accessible
accessible_forward Disability

How To Identify Affordable Housing in Savoy, Illinois

Look for program and preference badges on affordable apartment listings. These badges can help you identify the types of low income housing each apartment offers and if you may be eligbile for rental assistance or reduced rents.

Badge Description
switch_access_shortcut Short Wait
 Low income apartments with no or short waiting lists.
payment Subsidized
 Low income housing where the rent is subsidized and the renter pays only a portion of total rent.
real_estate_agent Accepts Vouchers
 Apartments that accept Section 8 vouchers near you
elderly Senior
 Rental housing for seniors who are 55 (or sometimes 62) and older.
payment Income Based
 Affordable apartments where the rent paid is based on renter income.
accessibility Accessible
 Meets Accessibilty Requirements of the Fair Housing Act, the ADA, or HUD policy.
accessible_forward Disability
 Apartments for individuals or families with disabilities.
The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Savoy, Illinois
$19.87/hour
$5.87 (+42%) more than Illinois minimum wage and $12.62 (+174%) more than the Federal minimum wage.
Learn More About Savoy, Illinois Affordable Housing ↓

What HUD offices serve Savoy, 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.

Housing Authority of Champaign County
Operates the Section 8 Housing Choice Voucher (HCV), Moving to Work, Veteran Affairs Supportive Housing (VASH), Section 8 Project-Based Voucher (PBV), Mainstream Voucher, Rental Assistance Demonstration (RAD), Homeownership programs for Savoy, Illinois.

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

How many renters live in Savoy, Illinois?

The City of Savoy has people living in households.

There are renters living in renter households in this City. Renters make up 37.47 percent of the population living in Savoy.

What is the rental market like in Savoy, Illinois?

There are an estimated housing units in the Savoy area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Savoy, Illinois, there are 1.15 rental units.

What is the vacancy rate for rentals in Savoy?

The rental vacancy rate in Savoy is 8 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.

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

Occupied Rental Units by Size in Savoy
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
24 455 649 294 49
Occupied Rental Units by Size in Savoy

A large number of apartments in Savoy 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 Savoy

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $880 to $1,397. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $880
One BR $885
Two BR $1,049
Three BR $1,372
Four BR $1,397
2024 Fair Market Rents in Savoy, Illinois

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

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 13 54 percent
One BR 116 25 percent
Two BR 356 55 percent
Rental Units Below FMR in Savoy, Illinois

How many affordable rental units are in Savoy?

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

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

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

Income Based Apartments in Savoy, Illinois

Savoy 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 Savoy, Illinois

There are 176 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Savoy.

Housing Choice Vouchers in Savoy, Illinois

On average, Section 8 Housing Choice vouchers pay Savoy landlords $300 per month towards rent. The average voucher holder contributes $200 towards rent in Savoy.

The maximum amount a voucher would pay on behalf of a low-income tenant in Savoy, Illinois for a two-bedroom apartment is between $944 and $1,154.

Sourced from federal housing data and AffordableHousingOnline.com research.