Affordable Housing In Rankin
Vermilion County, Illinois

Affordable Housing programs support 8 income based apartments in Rankin where households pay rent based on how much they earn.

There are 0 affordable apartments in Rankin that offer reduced rents to low-income households.

Waiting Lists in Rankin, Illinois

There are no open Section 8 Housing Choice Voucher waiting lists in Rankin. Go to the Illinois Section 8 Waiting Lists page for openings near Rankin.

Rankin Terrace

290 W 3rd St
Rankin, Illinois
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Affordable Housing Near Rankin

View affordable apartments and waiting lists in cities near Rankin

City Apartments
Affordable Housing In Danville, IL Affordable Housing programs support 20 apartment communities in Danville.
Affordable Housing In Georgetown, IL Affordable Housing programs support 3 apartment communities in Georgetown.
Affordable Housing In Hoopeston, IL Affordable Housing programs support 6 apartment communities in Hoopeston.
Affordable Housing In Oakwood, IL Affordable Housing programs support 1 apartment communities in Oakwood.
Affordable Housing In Ridge Farm, IL Affordable Housing programs support 1 apartment communities in Ridge Farm.

Public Housing Agencies Serving Rankin, 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.

Waiting lists for project-based assistance, like the Public Housing program, are open:

Housing Authority Programs
Vermilion Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing; Veteran Affairs Supportive Housing (VASH); Family Unification Program (FUP)
Go to the Illinois Public Housing and Low-Income Apartments Waiting Lists page for openings near Rankin.

Rankin, Illinois Affordable Housing Data

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 $790 and $966.

2023 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
Rankin, Illinois Fair Market Rent $646 $667 $878 $1,112 $1,179
Rankin, Illinois Payment Standard Range $581 to $711 $600 to $734 $790 to $966 $1,001 to $1,223 $1,061 to $1,297

Sourced from federal housing data and AffordableHousingOnline.com 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 $62,500

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

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 Rankin AMI may qualify for rental assistance programs that target Extremely Low Income households.
$15,950 $18,310 $23,030 $27,750 $32,470 $37,190 $41,910 $46,630
50% AMI Income Limits
Renters earning up to 50% of the Rankin AMI may qualify for rental assistance programs that target Very Low Income households.
$26,600 $30,400 $34,200 $37,950 $41,000 $44,050 $47,100 $50,100
80% AMI Income Limits
Renters earning up to 80% of the Rankin AMI may qualify for rental assistance programs that target Low Income households.
$42,500 $48,600 $54,650 $60,700 $65,600 $70,450 $75,300 $80,150