Affordable Housing In New Chicago
Lake County, Indiana

Guide To Affordable Housing in New Chicago, Indiana

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in New Chicago, Indiana.

Income Based Apartments in New Chicago, Indiana

New Chicago features 0 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 New Chicago, Indiana

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

Housing Choice Vouchers in New Chicago, Indiana

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

The maximum amount a voucher would pay on behalf of a low-income tenant in New Chicago, Indiana for a two-bedroom apartment is between $825 and $1,009.

2020 New Chicago, Indiana 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 $597 $746 $917 $1,143 $1,292
Payment Standard Range $537 to $657 $671 to $821 $825 to $1,009 $1,029 to $1,257 $1,163 to $1,421

Sourced from federal housing data and AffordableHousingOnline.com research.

New Chicago, IN Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 34.26%
Average Renter Household Size 2.36
Average Household Size 2.62
Median Household Income $38,879 ±$7,470
Median Rent $808 ±$58
Percentage Of Renters Overburdened 57.72% ± 15.87pp
Total Population 2,081

Population and Household Demographics

New Chicago is a City in Lake County, Indiana with a population of 2,081. There are 794 households in the city with an average household size of 2.62 persons. 34.26% of households in New Chicago are renters.

Income and Rent Overburden in New Chicago

The median gross income for households in New Chicago is $38,879 a year, or $3,240 a month. The median rent for the city is $808 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In New Chicago, a household making less than $2,693 a month would be considered overburdened when renting an apartment at or above the median rent. 57.72% of households who rent are overburdened in New Chicago.1

Area Median Income In New Chicago

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 New Chicago, the AMI is calculated from all households within Lake County.

In New Chicago, HUD calculates the Area Median Income for a family of four as $72,800

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 New Chicago

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 New Chicago HUD Rental Assistance in New Chicago

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,300 $17,500 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $25,500 $29,150 $32,800 $36,400 $39,350 $42,250 $45,150 $48,050
80% of Median $40,800 $46,600 $52,450 $58,250 $62,950 $67,600 $72,250 $76,900