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Affordable Housing In Rankin
Vermilion County, Illinois

1 Low Income Apartment Communities In Rankin

Rankin Terrace

290 W 3rd St
Rankin, Illinois
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Housing Authorities that serve Rankin

Housing Authority Programs
Housing Authority of the County of Vermilion Ill. Section 8 Housing Choice Voucher (HCV); Public Housing
Housing Authority of the City of Danville Section 8 Housing Choice Voucher (HCV); Public Housing; Veteran Affairs Supportive Housing (VASH); Family Unification Program (FUP)

Guide To Affordable Housing in Rankin, Illinois

There are 1 low income housing apartment communities offering 8 affordable apartments for rent in Rankin, Illinois.

Income Based Apartments in Rankin, Illinois

Rankin features 8 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 Rankin, Illinois

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Rankin.

Housing Choice Vouchers in Rankin, Illinois

On average, Section 8 Housing Choice vouchers pay Rankin landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Rankin.

The maximum amount a voucher would pay on behalf of a low-income tenant in Rankin, Illinois for a two-bedroom apartment is between $666 and $814.

2020 Rankin, 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
Fair Market Rent $482 $572 $740 $969 $1,002
Payment Standard Range $434 to $530 $515 to $629 $666 to $814 $872 to $1,066 $902 to $1,102

Sourced from federal housing data and research.

Rankin, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 8
Total Housing Units with Rental Assistance 8
Percentage of Housing Units Occupied By Renters 23.3%
Average Renter Household Size 2.44
Average Household Size 2.23
Median Household Income $35,833 ±$5,312
Median Rent $534 ±$34
Percentage Of Renters Overburdened 31.71% ± 45.67pp
Total Population 393

Population and Household Demographics

Rankin is a city in Vermilion County, Illinois with a population of 393. There are 176 households in the city with an average household size of 2.23 persons. 23.3% of households in Rankin are renters.

Income and Rent Overburden in Rankin

The median gross income for households in Rankin is $35,833 a year, or $2,986 a month. The median rent for the city is $534 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Rankin, a household making less than $1,780 a month would be considered overburdened when renting an apartment at or above the median rent. 31.71% of households who rent are overburdened in Rankin.

Area Median Income In Rankin

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 Rankin, the AMI is calculated from all households within Vermilion County.

In Rankin, HUD calculates the Area Median Income for a family of four as $55,600

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 Rankin

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 Rankin

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,250 $17,240 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $23,700 $27,100 $30,500 $33,850 $36,600 $39,300 $42,000 $44,700
80% of Median $37,950 $43,350 $48,750 $54,150 $58,500 $62,850 $67,150 $71,500