What HUD offices serve Lake Forest, 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 Lake Forest.
How many renters live in Lake Forest, Illinois?
The City of Lake Forest has 19,436 people living in 6,959 households.
There are 2,030 renters living in 895 renter households in this City. Renters make up 10.44 percent of the population living in Lake Forest.
What is the rental market like in Lake Forest, Illinois?
There are an estimated 7,413 housing units in the Lake Forest area. Of these, 980 units are rental homes, making up 13 percent of the housing market. For every renter household in Lake Forest, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Lake Forest?
The rental vacancy rate in Lake Forest 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 Lake Forest for each bedroom size?
Occupied Rental Units by Size in Lake Forest
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 21 | 199 | 294 | 273 | 57 |
Occupied Rental Units by Size in Lake Forest
A large number of apartments in Lake Forest 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 Lake Forest are overburdened by housing costs?
Among renter households in this market, 47 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 Lake Forest
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 Lake Forest, Illinois
How many units are rented at Fair Market Rent (FMR) in Lake Forest?
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 | 17 | 81 percent |
| One BR | 111 | 56 percent |
| Two BR | 50 | 17 percent |
Rental Units Below FMR in Lake Forest, Illinois
How many affordable rental units are in Lake Forest?
Income Based Apartments in Lake Forest, Illinois
Lake Forest 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 Lake Forest, Illinois
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Forest.
Housing Choice Vouchers in Lake Forest, Illinois
On average, Section 8 Housing Choice vouchers pay Lake Forest landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Forest.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Forest, Illinois for a two-bedroom apartment is between $1,543 and $1,885.
Sourced from federal housing data and AffordableHousingOnline.com research.
