Affordable Housing Online is monitoring the federal government's response to the coronavirus disease (COVID-19) outbreak. 

An extensive list of coronavirus resources for low-income households can be found here.

Texas Emergency Services: If you are one of the millions of Texas residents without power, read about emergency services available to you here.

Affordable Housing In Princeton
Bureau County, Illinois

6 Low Income Apartment Communities In Princeton

Diamond Sr of Princeton

1000 Diamond Circle
Princeton, Illinois
Call For Rent
1-2 BR

Parkway Apartments

419 S Anderson
Princeton, Illinois
Call For Rent
1-3 BR

Victor Meadows Senior Apartments

351 Coleita Ct
Princeton, Illinois

The Crossings at Princeton

1215 N. Maple
Princeton, Illinois

Princeton - Clark House

500 S Main St
Princeton, Illinois

Princeton Hi Rise

444 S Church St
Princeton, Illinois
  • «
  • 1
  • »

Housing Authorities that serve Princeton

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

Guide To Affordable Housing in Princeton, Illinois

There are 6 low income housing apartment communities offering 293 affordable apartments for rent in Princeton, Illinois.

Income Based Apartments in Princeton, Illinois

Princeton features 159 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 Princeton, Illinois

There are 134 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Princeton.

Housing Choice Vouchers in Princeton, Illinois

On average, Section 8 Housing Choice vouchers pay Princeton landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Princeton.

The maximum amount a voucher would pay on behalf of a low-income tenant in Princeton, Illinois for a two-bedroom apartment is between $665 and $813.

2021 Princeton, Illinois Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Princeton, Illinois Fair Market Rent $488 $561 $739 $919 $1,002
Princeton, Illinois Payment Standard Range $439 to $537 $505 to $617 $665 to $813 $827 to $1,011 $902 to $1,102

Sourced from federal housing data and research.

Princeton, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 293
Total Housing Units with Rental Assistance 159
Percentage of Housing Units Occupied By Renters 32.46%
Average Renter Household Size 1.69
Average Household Size 2.08
Median Household Income $44,722 ±$6,015
Median Rent $569 ±$36
Percentage Of Renters Overburdened 48.03% ± 10.25pp
Total Population 7,719

Population and Household Demographics

Princeton is a city in Bureau County, Illinois with a population of 7,719. There are 3,604 households in the city with an average household size of 2.08 persons. 32.46% of households in Princeton are renters.

Income and Rent Overburden in Princeton

The median gross income for households in Princeton is $44,722 a year, or $3,727 a month. The median rent for the city is $569 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Princeton, a household making less than $1,897 a month would be considered overburdened when renting an apartment at or above the median rent. 48.03% of households who rent are overburdened in Princeton.

Area Median Income In Princeton

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 Princeton, the AMI is calculated from all households within Bureau County.

In Princeton, HUD calculates the Area Median Income for a family of four as $71,400

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 Princeton

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 HUD Rental Assistance in Princeton

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Princeton AMI may qualify for rental assistance programs that target Extremely Low Income households.
$15,000 $17,240 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% AMI Income Limits
Renters earning up to 50% of the Princeton AMI may qualify for rental assistance programs that target Very Low Income households.
$25,000 $28,600 $32,150 $35,700 $38,600 $41,450 $44,300 $47,150
80% AMI Income Limits
Renters earning up to 80% of the Princeton AMI may qualify for rental assistance programs that target Low Income households.
$40,000 $45,700 $51,400 $57,100 $61,700 $66,250 $70,850 $75,400