Low Income Apartments and Affordable Housing For Rent in Lake Elsinore, CA

Discover affordable housing in Lake Elsinore where there are 7+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Lakeview Apartments I

32209 Riverside Drive, Lake Elsinore, California 92530

Lakeview Apartments II

32211 Riverside Drive, Lake Elsinore, California 92530

Mission Trail Apartments

32585 Mission Trail Lake Elsinore, Lake Elsinore, California 92530

Parkside Apartments

442 N Kellogg St, Lake Elsinore, California 92530

Pottery Court

295 W Sumner Ave, Lake Elsinore, California 92530

Cottages at Mission Trail

32675 Mission Trail, Lake Elsinore, California 92530

Villa Siena Apartments

31300 Auto Center Dr, Lake Elsinore, California 92530

calendar_today Opened: Jun 30
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Lake Elsinore, California
$38.07/hour
$22.07 (+138%) more than California minimum wage and $30.82 (+425%) more than the Federal minimum wage.
Learn More About Lake Elsinore, California Affordable Housing ↓

What HUD offices serve Lake Elsinore, California?

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.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Lake Elsinore, California.

Go to the California Public Housing and Low-Income Apartments Waiting Lists page for openings near Lake Elsinore.

How many renters live in Lake Elsinore, California?

The City of Lake Elsinore has 71,905 people living in 20,951 households.

There are 21,893 renters living in 6,892 renter households in this City. Renters make up 30.45 percent of the population living in Lake Elsinore.

What is the rental market like in Lake Elsinore, California?

There are an estimated 20,965 housing units in the Lake Elsinore area. Of these, 6,189 units are rental homes, making up 30 percent of the housing market. For every renter household in Lake Elsinore, California, there are 1 rental units.

What is the vacancy rate for rentals in Lake Elsinore?

The rental vacancy rate in Lake Elsinore is 4 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 Lake Elsinore for each bedroom size?

Occupied Rental Units by Size in Lake Elsinore
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
337 1,123 1,486 1,592 1,173
Occupied Rental Units by Size in Lake Elsinore

A large number of apartments in Lake Elsinore 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 Lake Elsinore are overburdened by housing costs?

Among renter households in this market, 52 percent have housing cost burden. Further, 28 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 Lake Elsinore

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,517 to $3,304. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,517
One BR $1,611
Two BR $2,010
Three BR $2,707
Four BR $3,304
2024 Fair Market Rents in Lake Elsinore, California

How many units are rented at Fair Market Rent (FMR) in Lake Elsinore?

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 189 56 percent
One BR 686 61 percent
Two BR 695 47 percent
Rental Units Below FMR in Lake Elsinore, California

How many affordable rental units are in Lake Elsinore?

There are a variety of federal affordable housing programs serving households in Lake Elsinore, California including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 607
Section 8 Project-Based Rental Assistance 64
USDA Section 515 Rural Rental Housing 37
Tracked Units by Federal Program in Lake Elsinore, California

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Lake Elsinore, California

Lake Elsinore features 189 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 Lake Elsinore, California

There are 463 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Elsinore.

Housing Choice Vouchers in Lake Elsinore, California

On average, Section 8 Housing Choice vouchers pay Lake Elsinore landlords $700 per month towards rent. The average voucher holder contributes $400 towards rent in Lake Elsinore.

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Elsinore, California for a two-bedroom apartment is between $1,809 and $2,211.

Sourced from federal housing data and AffordableHousingOnline.com research.