Affordable Housing In Lake Petersburg
Menard County, Illinois

Guide To Affordable Housing in Lake Petersburg, Illinois

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

Income Based Apartments in Lake Petersburg, Illinois

Lake Petersburg 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 Petersburg, Illinois

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

Housing Choice Vouchers in Lake Petersburg, Illinois

On average, Section 8 Housing Choice vouchers pay Lake Petersburg landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Petersburg.

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Petersburg, Illinois for a two-bedroom apartment is between $722 and $882.

2020 Lake Petersburg, 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 $542 $627 $802 $1,001 $1,086
Payment Standard Range $488 to $596 $564 to $690 $722 to $882 $901 to $1,101 $977 to $1,195

Sourced from federal housing data and AffordableHousingOnline.com research.

Lake Petersburg, 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 4.35%
Average Renter Household Size 1.93
Average Household Size 1.82
Median Household Income $76,513 ±$20,561
Median Rent $0 ±$0
Percentage Of Renters Overburdened 0% ± 146.67pp
Total Population 628

Population and Household Demographics

Lake Petersburg is a City in Menard County, Illinois with a population of 628. There are 345 households in the city with an average household size of 1.82 persons. 4.35% of households in Lake Petersburg are renters.

Income and Rent Overburden in Lake Petersburg

The median gross income for households in Lake Petersburg is $76,513 a year, or $6,376 a month. The median rent for the city is $0 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake Petersburg, a household making less than $0 a month would be considered overburdened when renting an apartment at or above the median rent. 0% of households who rent are overburdened in Lake Petersburg.1

Area Median Income In Lake Petersburg

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 Lake Petersburg, the AMI is calculated from all households within Menard County.

In Lake Petersburg, HUD calculates the Area Median Income for a family of four as $76,400

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 Lake Petersburg

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 Lake Petersburg HUD Rental Assistance in Lake Petersburg

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $16,050 $18,350 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,750 $30,600 $34,400 $38,200 $41,300 $44,350 $47,400 $50,450
80% of Median $42,800 $48,900 $55,000 $61,100 $66,000 $70,900 $75,800 $80,700