Low Income Apartments and Affordable Housing For Rent in Monument, CO

Discover affordable housing in Monument where there are 1+ 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.

Monument View Apts

450 N Beacon Lite Rd, Monument, Colorado

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Monument, Colorado
$32.84/hour
$18.42 (+128%) more than Colorado minimum wage and $25.59 (+353%) more than the Federal minimum wage.
Learn More About Monument, Colorado Affordable Housing ↓

How many renters live in Monument, Colorado?

The City of Monument has 10,548 people living in 3,798 households.

There are 1,522 renters living in 715 renter households in this City. Renters make up 14.43 percent of the population living in Monument.

What is the rental market like in Monument, Colorado?

There are an estimated 3,936 housing units in the Monument area. Of these, 841 units are rental homes, making up 21 percent of the housing market. For every renter household in Monument, Colorado, there are 1 rental units.

What is the vacancy rate for rentals in Monument?

The rental vacancy rate in Monument is 15 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 Monument for each bedroom size?

Occupied Rental Units by Size in Monument
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 87 293 205 98
Occupied Rental Units by Size in Monument

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

Among renter households in this market, 52 percent have housing cost burden. Further, 17 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 Monument

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,190 to $2,875. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,190
One BR $1,408
Two BR $1,734
Three BR $2,444
Four BR $2,875
2024 Fair Market Rents in Monument, Colorado

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

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
One BR 0 100 percent
Two BR 225 77 percent
Rental Units Below FMR in Monument, Colorado

How many affordable rental units are in Monument?

There are a variety of federal affordable housing programs serving households in Monument, Colorado including the following:

Federal Program Unit Count
USDA Section 515 Rural Rental Housing 48
Tracked Units by Federal Program in Monument, Colorado

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

Income Based Apartments in Monument, Colorado

Monument features 48 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 Monument, Colorado

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

Housing Choice Vouchers in Monument, Colorado

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Monument, Colorado for a two-bedroom apartment is between $1,561 and $1,907.

Sourced from federal housing data and AffordableHousingOnline.com research.