What HUD offices serve Arcola, 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 Arcola.
How many renters live in Arcola, Illinois?
The City of Arcola has 2,726 people living in 865 households.
There are 790 renters living in 252 renter households in this City. Renters make up 28.98 percent of the population living in Arcola.
What is the rental market like in Arcola, Illinois?
There are an estimated 927 housing units in the Arcola area. Of these, 277 units are rental homes, making up 30 percent of the housing market. For every renter household in Arcola, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Arcola?
The rental vacancy rate in Arcola is 5 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 Arcola for each bedroom size?
Occupied Rental Units by Size in Arcola
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 25 | 42 | 125 | 60 | 0 |
Occupied Rental Units by Size in Arcola
A large number of apartments in Arcola 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 Arcola are overburdened by housing costs?
Among renter households in this market, 53 percent have housing cost burden. Further, 10 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 Arcola
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $699 to $1,144. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $699 |
| One BR | $703 |
| Two BR | $820 |
| Three BR | $1,077 |
| Four BR | $1,144 |
2024 Fair Market Rents in Arcola, Illinois
How many units are rented at Fair Market Rent (FMR) in Arcola?
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 | 20 | 80 percent |
| One BR | 35 | 83 percent |
| Two BR | 55 | 44 percent |
Rental Units Below FMR in Arcola, Illinois
How many affordable rental units are in Arcola?
There are a variety of federal affordable housing programs serving households in Arcola, Illinois including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 56 |
| USDA Section 515 Rural Rental Housing | 12 |
Tracked Units by Federal Program in Arcola, Illinois
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Arcola, Illinois
Arcola features 34 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 Arcola, Illinois
There are 56 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Arcola.
Housing Choice Vouchers in Arcola, Illinois
On average, Section 8 Housing Choice vouchers pay Arcola landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Arcola.
The maximum amount a voucher would pay on behalf of a low-income tenant in Arcola, Illinois for a two-bedroom apartment is between $738 and $902.
Sourced from federal housing data and AffordableHousingOnline.com research.
