What HUD offices serve Waterman, 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 Waterman.
How many renters live in Waterman, Illinois?
The City of Waterman has people living in households.
There are renters living in renter households in this City. Renters make up 14.37 percent of the population living in Waterman.
What is the rental market like in Waterman, Illinois?
There are an estimated housing units in the Waterman area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Waterman, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Waterman?
The rental vacancy rate in Waterman is 0 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 Waterman for each bedroom size?
Occupied Rental Units by Size in Waterman
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 8 | 11 | 41 | 24 | 3 |
Occupied Rental Units by Size in Waterman
A large number of apartments in Waterman have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Waterman
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $899 to $2,252. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $899 |
| One BR | $1,014 |
| Two BR | $1,327 |
| Three BR | $1,870 |
| Four BR | $2,252 |
2024 Fair Market Rents in Waterman, Illinois
How many units are rented at Fair Market Rent (FMR) in Waterman?
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 | 8 | 100 percent |
| One BR | 11 | 100 percent |
| Two BR | 37 | 90 percent |
Rental Units Below FMR in Waterman, Illinois
How many affordable rental units are in Waterman?
There are a variety of federal affordable housing programs serving households in Waterman, Illinois including the following:
| Federal Program | Unit Count |
| Section 8 Project-Based Rental Assistance |
Tracked Units by Federal Program in Waterman, Illinois
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Waterman, Illinois
Waterman features 24 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 Waterman, Illinois
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Waterman.
Housing Choice Vouchers in Waterman, Illinois
On average, Section 8 Housing Choice vouchers pay Waterman landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Waterman.
The maximum amount a voucher would pay on behalf of a low-income tenant in Waterman, Illinois for a two-bedroom apartment is between $1,194 and $1,460.
Sourced from federal housing data and AffordableHousingOnline.com research.