What HUD offices serve Franklin Park, 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 Franklin Park.
How many renters live in Franklin Park, Illinois?
The City of Franklin Park has 18,374 people living in 5,802 households.
There are 4,221 renters living in 1,546 renter households in this City. Renters make up 22.97 percent of the population living in Franklin Park.
What is the rental market like in Franklin Park, Illinois?
There are an estimated 6,267 housing units in the Franklin Park area. Of these, 1,668 units are rental homes, making up 27 percent of the housing market. For every renter household in Franklin Park, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Franklin Park?
The rental vacancy rate in Franklin Park is 7 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 Franklin Park for each bedroom size?
Occupied Rental Units by Size in Franklin Park
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 154 | 550 | 553 | 260 | 29 |
Occupied Rental Units by Size in Franklin Park
A large number of apartments in Franklin Park 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 Franklin Park are overburdened by housing costs?
Among renter households in this market, 51 percent have housing cost burden. Further, 25 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 Franklin Park
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,399 to $2,583. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,399 |
| One BR | $1,507 |
| Two BR | $1,714 |
| Three BR | $2,182 |
| Four BR | $2,583 |
2024 Fair Market Rents in Franklin Park, Illinois
How many units are rented at Fair Market Rent (FMR) in Franklin Park?
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 | 154 | 100 percent |
| One BR | 511 | 93 percent |
| Two BR | 496 | 90 percent |
Rental Units Below FMR in Franklin Park, Illinois
How many affordable rental units are in Franklin Park?
Income Based Apartments in Franklin Park, Illinois
Franklin Park 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 Franklin Park, Illinois
There are 76 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin Park.
Housing Choice Vouchers in Franklin Park, Illinois
On average, Section 8 Housing Choice vouchers pay Franklin Park landlords $1,000 per month towards rent. The average voucher holder contributes $300 towards rent in Franklin Park.
The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin Park, Illinois for a two-bedroom apartment is between $1,543 and $1,885.
Sourced from federal housing data and AffordableHousingOnline.com research.
