Low Income Apartments For Rent in Peru, IL

Rental assistance programs support 16 low-income homes in Peru where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $336 towards rent each month.

Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.

Public Housing Agencies Serving Peru, 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.

Housing Authority	Programs
Alexander County Housing Authority	Public Housing
Menard County Housing Authority	Section 8 Housing Choice Voucher (HCV); Family Self-Sufficiency; Section 8 Project-Based Voucher (PBV)

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

Peru, Illinois Affordable Housing Data

Income Based Apartments in Peru, Illinois

Peru features 16 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 Peru, Illinois

There are 170 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Peru.

Housing Choice Vouchers in Peru, Illinois

On average, Section 8 Housing Choice vouchers pay Peru landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Peru.

The maximum amount a voucher would pay on behalf of a low-income tenant in Peru, Illinois for a two-bedroom apartment is between $840 and $1,026.

2024 Peru, 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
Peru, Illinois Fair Market Rent	$685	$742	$933	$1,315	$1,540
Peru, Illinois Payment Standard Range	$617 to $754	$668 to $816	$840 to $1,026	$1,184 to $1,447	$1,386 to $1,694

Sourced from federal housing data and AffordableHousingOnline.com research.

Peru, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 7

Total Low Income Apartments 186

Total Housing Units with Rental Assistance 16

Percentage of Housing Units Occupied By Renters 26.75%

Average Renter Household Size 1.81

Average Household Size 2.30

Median Household Income $46,126 ±$4,202

Median Rent $609 ±$49

Percentage Of Renters Overburdened 35.46% ± 7.92pp

Total Population 10,019

Total Affordable Apartment Properties	7
Total Low Income Apartments	186
Total Housing Units with Rental Assistance	16
Percentage of Housing Units Occupied By Renters	26.75%
Average Renter Household Size	1.81
Average Household Size	2.30
Median Household Income	$46,126 ±$4,202
Median Rent	$609 ±$49
Percentage Of Renters Overburdened	35.46% ± 7.92pp
Total Population	10,019

Population and Household Demographics

Peru is a city in Alexander County, Illinois with a population of 10,019. There are 4,217 households in the city with an average household size of 2.30 persons. 26.75% of households in Peru are renters.

Income and Rent Overburden in Peru

The median gross income for households in Peru is $46,126 a year, or $3,844 a month. The median rent for the city is $609 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Peru, a household making less than $2,030 a month would be considered overburdened when renting an apartment at or above the median rent. 35.46% of households who rent are overburdened in Peru.

Area Median Income In Peru

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 Peru, the AMI is calculated from all households within Alexander County.

In Peru, HUD calculates the Area Median Income for a family of four as $84,900

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 Peru

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 Peru

	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 Peru AMI may qualify for rental assistance programs that target Extremely Low Income households.	$15,850	$19,720	$24,860	$30,000	$35,140	$40,280	$45,420	$49,800
50% AMI Income Limits Renters earning up to 50% of the Peru AMI may qualify for rental assistance programs that target Very Low Income households.	$26,400	$30,200	$33,950	$37,700	$40,750	$43,750	$46,750	$49,800
80% AMI Income Limits Renters earning up to 80% of the Peru AMI may qualify for rental assistance programs that target Low Income households.	$42,250	$48,250	$54,300	$60,300	$65,150	$69,950	$74,800	$79,600