How many renters live in Watseka, Illinois?
The City of Watseka has 4,361 people living in 1,958 households.
There are 1,148 renters living in 636 renter households in this City. Renters make up 26.32 percent of the population living in Watseka.
What is the rental market like in Watseka, Illinois?
There are an estimated 2,306 housing units in the Watseka area. Of these, 701 units are rental homes, making up 30 percent of the housing market. For every renter household in Watseka, Illinois, there are 1 rental units.
What is the vacancy rate for rentals in Watseka?
The rental vacancy rate in Watseka is 9 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Watseka for each bedroom size?
Occupied Rental Units by Size in Watseka
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 29 | 102 | 304 | 195 | 1 |
Occupied Rental Units by Size in Watseka
A large number of apartments in Watseka 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 Watseka are overburdened by housing costs?
Among renter households in this market, 59 percent have housing cost burden. Further, 19 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 Watseka
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $605 to $1,112. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $605 |
| One BR | $619 |
| Two BR | $813 |
| Three BR | $1,025 |
| Four BR | $1,112 |
2024 Fair Market Rents in Watseka, Illinois
How many units are rented at Fair Market Rent (FMR) in Watseka?
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 | 0 | 100 percent |
| One BR | 88 | 86 percent |
| Two BR | 183 | 60 percent |
Rental Units Below FMR in Watseka, Illinois
How many affordable rental units are in Watseka?
There are a variety of federal affordable housing programs serving households in Watseka, Illinois including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 54 |
| Section 8 Project-Based Rental Assistance | 24 |
| USDA Section 515 Rural Rental Housing | 42 |
Tracked Units by Federal Program in Watseka, Illinois
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Watseka, Illinois
Watseka features 42 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 Watseka, Illinois
There are 73 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Watseka.
Housing Choice Vouchers in Watseka, Illinois
On average, Section 8 Housing Choice vouchers pay Watseka landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Watseka.
The maximum amount a voucher would pay on behalf of a low-income tenant in Watseka, Illinois for a two-bedroom apartment is between $732 and $894.
Sourced from federal housing data and AffordableHousingOnline.com research.
