; Low Income Apartments For Rent in Raymond, IL
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205 North St

205 North St
Raymond, Illinois
$850
2 BR
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There are 0 low-income apartments in Raymond that offer reduced rents to eligible households.

Rental assistance programs support 0 low-income homes in Raymond where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.

Affordable rent data for some communities last confirmed on July 2nd, 2024. Subdsidized rents typically change once a year based on federal guidance.

Public Housing Agencies Serving Raymond, 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
Montgomery County Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing
Go to the Illinois Public Housing and Low-Income Apartments Waiting Lists page for openings near Raymond.

Raymond, Illinois Affordable Housing Data

Income Based Apartments in Raymond, Illinois

Raymond 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 Raymond, Illinois

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

Housing Choice Vouchers in Raymond, Illinois

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Raymond, Illinois for a two-bedroom apartment is between $726 and $888.

2024 Raymond, 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
Raymond, Illinois Fair Market Rent $579 $614 $807 $1,074 $1,075
Raymond, Illinois Payment Standard Range $521 to $637 $553 to $675 $726 to $888 $967 to $1,181 $968 to $1,183

Sourced from federal housing data and AffordableHousingOnline.com research.

Raymond, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 1
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 24.38%
Average Renter Household Size 1.99
Average Household Size 2.16
Median Household Income $43,194 ±$6,660
Median Rent $594 ±$234
Percentage Of Renters Overburdened 37.5% ± 24.21pp
Total Population 781

Population and Household Demographics

Raymond is a city in Montgomery County, Illinois with a population of 781. There are 361 households in the city with an average household size of 2.16 persons. 24.38% of households in Raymond are renters.

Income and Rent Overburden in Raymond

The median gross income for households in Raymond is $43,194 a year, or $3,600 a month. The median rent for the city is $594 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Raymond, a household making less than $1,980 a month would be considered overburdened when renting an apartment at or above the median rent. 37.5% of households who rent are overburdened in Raymond.

Area Median Income In Raymond

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 Raymond, the AMI is calculated from all households within Montgomery County.

In Raymond, HUD calculates the Area Median Income for a family of four as $86,100

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 Raymond

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 Raymond

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30% AMI Income Limits
Renters earning up to 30% of the Raymond AMI may qualify for rental assistance programs that target Extremely Low Income households.		 $16,900 $19,720 $24,860 $30,000 $35,140 $40,280 $45,420 $50,560
50% AMI Income Limits
Renters earning up to 50% of the Raymond AMI may qualify for rental assistance programs that target Very Low Income households.		 $28,150 $32,150 $36,150 $40,150 $43,400 $46,600 $49,800 $53,000
80% AMI Income Limits
Renters earning up to 80% of the Raymond AMI may qualify for rental assistance programs that target Low Income households.		 $45,000 $51,400 $57,850 $64,250 $69,400 $74,550 $79,700 $84,850