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Affordable Housing In Fairmont
Will County, Illinois

Housing Authorities that serve Fairmont

Housing Authority Programs
Housing Authority of Joliet Section 8 Housing Choice Voucher (HCV); Public Housing; Family Self-Sufficiency; Veteran Affairs Supportive Housing (VASH); Section 8 Project-Based Voucher (PBV); Section 8 Project-Based Rental Assistance (PBRA); Mainstream Voucher; Family Unification Program (FUP)

Guide To Affordable Housing in Fairmont, Illinois

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Fairmont, Illinois.

Income Based Apartments in Fairmont, Illinois

Fairmont 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 Fairmont, Illinois

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fairmont.

Housing Choice Vouchers in Fairmont, Illinois

On average, Section 8 Housing Choice vouchers pay Fairmont landlords $1,300 per month towards rent. The average voucher holder contributes $400 towards rent in Fairmont.

The maximum amount a voucher would pay on behalf of a low-income tenant in Fairmont, Illinois for a two-bedroom apartment is between $1,123 and $1,373.

2020 Fairmont, 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 $956 $1,076 $1,248 $1,585 $1,888
Payment Standard Range $860 to $1,052 $968 to $1,184 $1,123 to $1,373 $1,427 to $1,744 $1,699 to $2,077

Sourced from federal housing data and AffordableHousingOnline.com research.

Fairmont, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 32.52%
Average Renter Household Size 2.71
Average Household Size 2.82
Median Household Income $46,500 ±$9,983
Median Rent $1,009 ±$155
Percentage Of Renters Overburdened 33.21% ± 16.19pp
Total Population 2,322

Population and Household Demographics

Fairmont is a city in Will County, Illinois with a population of 2,322. There are 824 households in the city with an average household size of 2.82 persons. 32.52% of households in Fairmont are renters.

Income and Rent Overburden in Fairmont

The median gross income for households in Fairmont is $46,500 a year, or $3,875 a month. The median rent for the city is $1,009 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Fairmont, a household making less than $3,363 a month would be considered overburdened when renting an apartment at or above the median rent. 33.21% of households who rent are overburdened in Fairmont.

Area Median Income In Fairmont

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 Fairmont, the AMI is calculated from all households within Will County.

In Fairmont, HUD calculates the Area Median Income for a family of four as $91,000

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 Fairmont

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 Fairmont

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $19,150 $21,850 $24,600 $27,300 $30,680 $35,160 $39,640 $44,120
50% of Median $31,850 $36,400 $40,950 $45,500 $49,150 $52,800 $56,450 $60,100
80% of Median $51,000 $58,250 $65,550 $72,800 $78,650 $84,450 $90,300 $96,100