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Affordable Housing In Aledo
Mercer County, Illinois

2 Low Income Apartment Communities In Aledo

Vashti Village

609 NW 4th Ave
Aledo, Illinois
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Housing Authorities that serve Aledo

Housing Authority Programs
Mercer County Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Aledo, Illinois

There are 2 low income housing apartment communities offering 84 affordable apartments for rent in Aledo, Illinois.

Income Based Apartments in Aledo, Illinois

Aledo features 60 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 Aledo, Illinois

There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Aledo.

Housing Choice Vouchers in Aledo, Illinois

On average, Section 8 Housing Choice vouchers pay Aledo landlords $400 per month towards rent. The average voucher holder contributes $200 towards rent in Aledo.

The maximum amount a voucher would pay on behalf of a low-income tenant in Aledo, Illinois for a two-bedroom apartment is between $700 and $856.

2020 Aledo, Illinois Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Fair Market Rent $524 $615 $778 $1,028 $1,169
Payment Standard Range $472 to $576 $554 to $677 $700 to $856 $925 to $1,131 $1,052 to $1,286

Sourced from federal housing data and AffordableHousingOnline.com research.

Aledo, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 2
Total Low Income Apartments 84
Total Housing Units with Rental Assistance 60
Percentage of Housing Units Occupied By Renters 33.44%
Average Renter Household Size 1.61
Average Household Size 2.12
Median Household Income $46,216 ±$6,193
Median Rent $539 ±$39
Percentage Of Renters Overburdened 35.67% ± 14.08pp
Total Population 3,590

Population and Household Demographics

Aledo is a city in Mercer County, Illinois with a population of 3,590. There are 1,576 households in the city with an average household size of 2.12 persons. 33.44% of households in Aledo are renters.

Income and Rent Overburden in Aledo

The median gross income for households in Aledo is $46,216 a year, or $3,851 a month. The median rent for the city is $539 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Aledo, a household making less than $1,797 a month would be considered overburdened when renting an apartment at or above the median rent. 35.67% of households who rent are overburdened in Aledo.

Area Median Income In Aledo

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Aledo, the AMI is calculated from all households within Mercer County.

In Aledo, HUD calculates the Area Median Income for a family of four as $75,400

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Aledo

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for HUD Rental Assistance in Aledo

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,850 $18,100 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $26,400 $30,200 $33,950 $37,700 $40,750 $43,750 $46,750 $49,800
80% of Median $42,250 $48,250 $54,300 $60,300 $65,150 $69,950 $74,800 $79,600