What HUD offices serve Palos Park, 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 Palos Park.
How many renters live in Palos Park, Illinois?
The City of Palos Park has 4,836 people living in 2,000 households.
There are 276 renters living in 189 renter households in this City. Renters make up 5.71 percent of the population living in Palos Park.
What is the rental market like in Palos Park, Illinois?
There are an estimated 2,148 housing units in the Palos Park area. Of these, 246 units are rental homes, making up 11 percent of the housing market. For every renter household in Palos Park, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Palos Park?
The rental vacancy rate in Palos Park is 23 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 Palos Park for each bedroom size?
Occupied Rental Units by Size in Palos Park
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 24 | 72 | 28 | 0 | 65 |
Occupied Rental Units by Size in Palos Park
A large number of apartments in Palos Park 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 Palos Park are overburdened by housing costs?
Among renter households in this market, 66 percent have housing cost burden. Further, 28 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 Palos Park
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 Palos Park, Illinois
How many units are rented at Fair Market Rent (FMR) in Palos Park?
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 | 19 | 79 percent |
| One BR | 72 | 100 percent |
| Two BR | 0 | 100 percent |
Rental Units Below FMR in Palos Park, Illinois
How many affordable rental units are in Palos Park?
There are a variety of federal affordable housing programs serving households in Palos Park, Illinois including the following:
| Federal Program | Unit Count |
| Section 202 Supportive Housing for the Elderly | 81 |
Tracked Units by Federal Program in Palos Park, Illinois
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Palos Park, Illinois
Palos Park features 81 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 Palos Park, Illinois
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Palos Park.
Housing Choice Vouchers in Palos Park, Illinois
On average, Section 8 Housing Choice vouchers pay Palos Park landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Palos Park.
The maximum amount a voucher would pay on behalf of a low-income tenant in Palos Park, Illinois for a two-bedroom apartment is between $1,543 and $1,885.
Sourced from federal housing data and AffordableHousingOnline.com research.
