Low Income Apartments and Affordable Housing For Rent in Lake Placid, FL

Discover affordable housing in Lake Placid where there are 6+ 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.

Thornbury Apartments

31 Chelsea St, Lake Placid, Florida 33852

Highlands Cove Phase I

454 Maclyn Cir, Lake Placid, Florida 33852

Heron's Landing Apts.

One Heron's Landing Lane, Lake Placid, Florida 33852

Herons Landing

1 Herons Landing Ln, Lake Placid, Florida 33852

Placid Arms Apts

108 Aaron Drive, Lake Placid, Florida 33852

Placid Arms Apts

108 Arron Drive, Lake Placid, Florida

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Lake Placid, Florida
$21.16/hour
$9.16 (+76%) more than Florida minimum wage and $13.91 (+192%) more than the Federal minimum wage.
Learn More About Lake Placid, Florida Affordable Housing ↓

How many renters live in Lake Placid, Florida?

The City of Lake Placid has 2,349 people living in 943 households.

There are 1,207 renters living in 458 renter households in this City. Renters make up 51.38 percent of the population living in Lake Placid.

What is the rental market like in Lake Placid, Florida?

There are an estimated 1,287 housing units in the Lake Placid area. Of these, 579 units are rental homes, making up 45 percent of the housing market. For every renter household in Lake Placid, Florida, there are 1 rental units.

What is the vacancy rate for rentals in Lake Placid?

The rental vacancy rate in Lake Placid 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 Lake Placid for each bedroom size?

Occupied Rental Units by Size in Lake Placid
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
35 111 111 134 60
Occupied Rental Units by Size in Lake Placid

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

Among renter households in this market, 41 percent have housing cost burden. Further, 19 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 Placid

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $757 to $1,831. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $757
One BR $850
Two BR $1,117
Three BR $1,391
Four BR $1,831
2024 Fair Market Rents in Lake Placid, Florida

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

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 7 20 percent
One BR 85 77 percent
Two BR 103 93 percent
Rental Units Below FMR in Lake Placid, Florida

How many affordable rental units are in Lake Placid?

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

Federal Program Unit Count
Low Income Housing Tax Credit 149
USDA Section 515 Rural Rental Housing 85
Tracked Units by Federal Program in Lake Placid, Florida

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

Income Based Apartments in Lake Placid, Florida

Lake Placid features 117 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 Placid, Florida

There are 101 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Placid.

Housing Choice Vouchers in Lake Placid, Florida

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Placid, Florida for a two-bedroom apartment is between $1,005 and $1,229.

Sourced from federal housing data and AffordableHousingOnline.com research.