What HUD offices serve Key Largo, Florida?
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.
Go to the Florida Public Housing and Low-Income Apartments Waiting Lists page for openings near Key Largo.
How many renters live in Key Largo, Florida?
The City of Key Largo has 12,021 people living in 4,992 households.
There are 3,509 renters living in 1,214 renter households in this City. Renters make up 29.19 percent of the population living in Key Largo.
What is the rental market like in Key Largo, Florida?
There are an estimated 8,581 housing units in the Key Largo area. Of these, 1,567 units are rental homes, making up 18 percent of the housing market. For every renter household in Key Largo, Florida, there are 1 rental units.
What is the vacancy rate for rentals in Key Largo?
The rental vacancy rate in Key Largo is 21 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 Key Largo for each bedroom size?
Occupied Rental Units by Size in Key Largo
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 6 | 123 | 510 | 443 | 101 |
Occupied Rental Units by Size in Key Largo
A large number of apartments in Key Largo 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 Key Largo are overburdened by housing costs?
Among renter households in this market, 45 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 Key Largo
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,556 to $3,426. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,556 |
| One BR | $1,730 |
| Two BR | $2,139 |
| Three BR | $2,812 |
| Four BR | $3,426 |
2024 Fair Market Rents in Key Largo, Florida
How many units are rented at Fair Market Rent (FMR) in Key Largo?
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 | 0 | 100 percent |
| One BR | 82 | 67 percent |
| Two BR | 130 | 25 percent |
Rental Units Below FMR in Key Largo, Florida
How many affordable rental units are in Key Largo?
There are a variety of federal affordable housing programs serving households in Key Largo, Florida including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 108 |
| Public Housing | 50 |
Tracked Units by Federal Program in Key Largo, Florida
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Key Largo, Florida
Key Largo features 50 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 Key Largo, Florida
There are 66 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Key Largo.
Housing Choice Vouchers in Key Largo, Florida
On average, Section 8 Housing Choice vouchers pay Key Largo landlords $1,100 per month towards rent. The average voucher holder contributes $400 towards rent in Key Largo.
The maximum amount a voucher would pay on behalf of a low-income tenant in Key Largo, Florida for a two-bedroom apartment is between $1,925 and $2,353.
Sourced from federal housing data and AffordableHousingOnline.com research.
