Low Income Apartments and Affordable Housing For Rent in Mount Prospect, IL

Discover affordable housing in Mount Prospect where there are 5+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Centennial North and South Apartments

900 E Ardyce Ln, Mount Prospect, Illinois 60056

Huntington Towers

571 W Huntington Commons Rd, Mount Prospect, Illinois 60056

The Kensington Senior Residences

401 E. Kensington Rd., Mount Prospect, Illinois 60056

bed 1-2

Centennial Apartments South

900 Centennial Dr, Mount Prospect, Illinois 60056

MYERS PLACE

1585 DEMPSTER ST, Mount Prospect, Illinois 60056

bed Studio-1
auto_awesome Focus Results:
switch_access_shortcut Short Wait
payment Subsidized
real_estate_agent Accepts Vouchers
elderly Senior
payment Income Based
accessibility Accessible
accessible_forward Disability

How To Identify Affordable Housing in Mount Prospect, Illinois

Look for program and preference badges on affordable apartment listings. These badges can help you identify the types of low income housing each apartment offers and if you may be eligbile for rental assistance or reduced rents.

Badge Description
switch_access_shortcut Short Wait
Low income apartments with no or short waiting lists.
payment Subsidized
Low income housing where the rent is subsidized and the renter pays only a portion of total rent.
real_estate_agent Accepts Vouchers
Apartments that accept Section 8 vouchers near you
elderly Senior
Rental housing for seniors who are 55 (or sometimes 62) and older.
payment Income Based
Affordable apartments where the rent paid is based on renter income.
accessibility Accessible
Meets Accessibilty Requirements of the Fair Housing Act, the ADA, or HUD policy.
accessible_forward Disability
Apartments for individuals or families with disabilities.
The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Mount Prospect, Illinois
$32.46/hour
$18.46 (+132%) more than Illinois minimum wage and $25.21 (+348%) more than the Federal minimum wage.
Learn More About Mount Prospect, Illinois Affordable Housing ↓

What HUD offices serve Mount Prospect, 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.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing, Section 8 Project-Based Voucher (PBV) programs for Mount Prospect, Illinois.

Go to the Illinois Public Housing and Low-Income Apartments Waiting Lists page for openings near Mount Prospect.

How many renters live in Mount Prospect, Illinois?

The City of Mount Prospect has people living in households.

There are renters living in renter households in this City. Renters make up 28.41 percent of the population living in Mount Prospect.

What is the rental market like in Mount Prospect, Illinois?

There are an estimated housing units in the Mount Prospect area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Mount Prospect, Illinois, there are 1.04 rental units.

What is the vacancy rate for rentals in Mount Prospect?

The rental vacancy rate in Mount Prospect is 4 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Mount Prospect for each bedroom size?

Occupied Rental Units by Size in Mount Prospect
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
448 2,454 2,699 794 152
Occupied Rental Units by Size in Mount Prospect

A large number of apartments in Mount Prospect have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How Much Is Rent in Mount Prospect

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 Mount Prospect, Illinois

How many units are rented at Fair Market Rent (FMR) in Mount Prospect?

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 322 72 percent
One BR 2,227 91 percent
Two BR 1,654 61 percent
Rental Units Below FMR in Mount Prospect, Illinois

How many affordable rental units are in Mount Prospect?

There are a variety of federal affordable housing programs serving households in Mount Prospect, Illinois including the following:

Federal Program Unit Count
Low Income Housing Tax Credit
Section 8 Project-Based Rental Assistance
Tracked Units by Federal Program in Mount Prospect, Illinois

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Mount Prospect, Illinois

Mount Prospect features 336 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 Prospect, Illinois

There are 74 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mount Prospect.

Housing Choice Vouchers in Mount Prospect, Illinois

On average, Section 8 Housing Choice vouchers pay Mount Prospect landlords $1,000 per month towards rent. The average voucher holder contributes $400 towards rent in Mount Prospect.

The maximum amount a voucher would pay on behalf of a low-income tenant in Mount Prospect, Illinois for a two-bedroom apartment is between $1,543 and $1,885.

Sourced from federal housing data and AffordableHousingOnline.com research.