Low Income Apartments and Affordable Housing For Rent in Richton Park, IL

Discover affordable housing in Richton Park where there are 3+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Carriage Creek Apartments

22501 Butterfield Rd, Richton Park, Illinois 60471

Cedar Ridge Elderly Apartments

950 Cedar Ridge Lane, Richton Park, Illinois 60471

Town Center Pointe

4121 Suak Trail, Richton Park, Illinois 60471

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Richton Park, Illinois
$18.46 (+132%) more than Illinois minimum wage and $25.21 (+348%) more than the Federal minimum wage.
Learn More About Richton Park, Illinois Affordable Housing ↓

What HUD offices serve Richton 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.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing, Section 8 Project-Based Voucher (PBV) programs for Richton Park, Illinois.

Go to the Illinois Public Housing and Low-Income Apartments Waiting Lists page for openings near Richton Park.

How many renters live in Richton Park, Illinois?

The City of Richton Park has 12,721 people living in 5,075 households.

There are 5,298 renters living in 2,511 renter households in this City. Renters make up 41.65 percent of the population living in Richton Park.

What is the rental market like in Richton Park, Illinois?

There are an estimated 5,346 housing units in the Richton Park area. Of these, 2,581 units are rental homes, making up 48 percent of the housing market. For every renter household in Richton Park, Illinois, there are 1 rental units.

What is the vacancy rate for rentals in Richton Park?

The rental vacancy rate in Richton Park is 3 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 Richton Park for each bedroom size?

Occupied Rental Units by Size in Richton Park
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
72 773 1,091 373 184
Occupied Rental Units by Size in Richton Park

A large number of apartments in Richton 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 Richton Park are overburdened by housing costs?

Among renter households in this market, 53 percent have housing cost burden. Further, 30 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 Richton 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 Richton Park, Illinois

How many units are rented at Fair Market Rent (FMR) in Richton 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 72 100 percent
One BR 773 100 percent
Two BR 759 70 percent
Rental Units Below FMR in Richton Park, Illinois

How many affordable rental units are in Richton Park?

There are a variety of federal affordable housing programs serving households in Richton Park, Illinois including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 276
Section 8 Project-Based Rental Assistance 191
Tracked Units by Federal Program in Richton Park, Illinois

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Richton Park, Illinois

Richton Park features 192 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 Richton Park, Illinois

There are 83 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Richton Park.

Housing Choice Vouchers in Richton Park, Illinois

On average, Section 8 Housing Choice vouchers pay Richton Park landlords $1,000 per month towards rent. The average voucher holder contributes $500 towards rent in Richton Park.

The maximum amount a voucher would pay on behalf of a low-income tenant in Richton Park, Illinois for a two-bedroom apartment is between $1,543 and $1,885.

Sourced from federal housing data and AffordableHousingOnline.com research.