Affordable Housing In Lake in the Hills
McHenry County, Illinois

Housing Authorities that serve Lake in the Hills

Housing Authority Programs
McHenry County Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Lake in the Hills, Illinois

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Lake in the Hills, Illinois. Lake in the Hills features 0 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Lake in the Hills.

Sourced from federal housing data and AffordableHousingOnline.com research.

Lake in the Hills, 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 13.09%
Average Renter Household Size 2.57
Average Household Size 2.92
Median Household Income $84,300 ±$3,073
Median Rent $1,372 ±$103
Percentage Of Renters Overburdened 39.43% ± 9.55pp
Total Population 28,968

Population and Household Demographics

Lake in the Hills is a City in McHenry County, Illinois with a population of 28,968. There are 9,937 households in the city with an average household size of 2.92 persons. 13.09% of households in Lake in the Hills are renters.

Income and Rent Overburden in Lake in the Hills

The median gross income for households in Lake in the Hills is $84,300 a year, or $7,025 a month. The median rent for the city is $1,372 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake in the Hills, a household making less than $4,573 a month would be considered overburdened when renting an apartment at or above the median rent. 39.43% of households who rent are overburdened in Lake in the Hills.1

Area Median Income In Lake in the Hills

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 in the Hills, the AMI is calculated from all households within McHenry County.

In Lake in the Hills, HUD calculates the Area Median Income for a family of four as $89,100

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 in the Hills

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 in the Hills HUD Rental Assistance in Lake in the Hills

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $18,750 $21,400 $24,100 $26,750 $30,170 $34,590 $39,010 $43,430
50% of Median $31,200 $35,650 $40,100 $44,550 $48,150 $51,700 $55,250 $58,850
80% of Median $49,950 $57,050 $64,200 $71,300 $77,050 $82,750 $88,450 $94,150
Fair Market Rents in Lake in the Hills

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$956 $1,076 $1,248 $1,585 $1,888