What HUD offices serve Park Forest, 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 Park Forest.
How many renters live in Park Forest, Illinois?
The City of Park Forest has 21,042 people living in 7,976 households.
There are 8,284 renters living in 3,088 renter households in this City. Renters make up 39.37 percent of the population living in Park Forest.
What is the rental market like in Park Forest, Illinois?
There are an estimated 8,884 housing units in the Park Forest area. Of these, 3,272 units are rental homes, making up 37 percent of the housing market. For every renter household in Park Forest, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Park Forest?
The rental vacancy rate in Park Forest 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 Park Forest for each bedroom size?
Occupied Rental Units by Size in Park Forest
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 69 | 411 | 912 | 1,059 | 626 |
Occupied Rental Units by Size in Park Forest
A large number of apartments in Park Forest 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 Park Forest are overburdened by housing costs?
Among renter households in this market, 44 percent have housing cost burden. Further, 24 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 Park Forest
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 Park Forest, Illinois
How many units are rented at Fair Market Rent (FMR) in Park Forest?
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 | 39 | 57 percent |
| One BR | 411 | 100 percent |
| Two BR | 604 | 66 percent |
Rental Units Below FMR in Park Forest, Illinois
How many affordable rental units are in Park Forest?
There are a variety of federal affordable housing programs serving households in Park Forest, Illinois including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 174 |
| Section 8 Project-Based Rental Assistance | 243 |
| Mod Rehab Project-Based Rental Assistance | 1 |
Tracked Units by Federal Program in Park Forest, Illinois
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Park Forest, Illinois
Park Forest features 375 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 Park Forest, Illinois
There are 190 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Park Forest.
Housing Choice Vouchers in Park Forest, Illinois
On average, Section 8 Housing Choice vouchers pay Park Forest landlords $2,600 per month towards rent. The average voucher holder contributes $400 towards rent in Park Forest.
The maximum amount a voucher would pay on behalf of a low-income tenant in Park Forest, Illinois for a two-bedroom apartment is between $1,543 and $1,885.
Sourced from federal housing data and AffordableHousingOnline.com research.
