What HUD offices serve Mount Olive, 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 Mount Olive.
How many renters live in Mount Olive, Illinois?
The City of Mount Olive has 2,144 people living in 918 households.
There are 530 renters living in 251 renter households in this City. Renters make up 24.72 percent of the population living in Mount Olive.
What is the rental market like in Mount Olive, Illinois?
There are an estimated 1,008 housing units in the Mount Olive area. Of these, 291 units are rental homes, making up 29 percent of the housing market. For every renter household in Mount Olive, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Mount Olive?
The rental vacancy rate in Mount Olive is 10 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 Mount Olive for each bedroom size?
Occupied Rental Units by Size in Mount Olive
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 58 | 130 | 57 | 6 |
Occupied Rental Units by Size in Mount Olive
A large number of apartments in Mount Olive 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 Mount Olive are overburdened by housing costs?
Among renter households in this market, 33 percent have housing cost burden. Further, 12 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 Mount Olive
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $712 to $1,428. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $712 |
| One BR | $717 |
| Two BR | $942 |
| Three BR | $1,235 |
| Four BR | $1,428 |
2024 Fair Market Rents in Mount Olive, Illinois
How many units are rented at Fair Market Rent (FMR) in Mount Olive?
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 |
| One BR | 25 | 43 percent |
| Two BR | 62 | 48 percent |
Rental Units Below FMR in Mount Olive, Illinois
How many affordable rental units are in Mount Olive?
There are a variety of federal affordable housing programs serving households in Mount Olive, Illinois including the following:
| Federal Program | Unit Count |
| Public Housing | 10 |
Tracked Units by Federal Program in Mount Olive, Illinois
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Mount Olive, Illinois
Mount Olive 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 Mount Olive, Illinois
There are 22 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mount Olive.
Housing Choice Vouchers in Mount Olive, Illinois
On average, Section 8 Housing Choice vouchers pay Mount Olive landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Mount Olive.
The maximum amount a voucher would pay on behalf of a low-income tenant in Mount Olive, Illinois for a two-bedroom apartment is between $848 and $1,036.
Sourced from federal housing data and AffordableHousingOnline.com research.
