What HUD offices serve Lakewood, New Jersey?
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 New Jersey Public Housing and Low-Income Apartments Waiting Lists page for openings near Lakewood.
How many renters live in Lakewood, New Jersey?
The City of Lakewood has 74,485 people living in 14,000 households.
There are 43,980 renters living in 8,774 renter households in this City. Renters make up 59.05 percent of the population living in Lakewood.
What is the rental market like in Lakewood, New Jersey?
There are an estimated 14,177 housing units in the Lakewood area. Of these, 8,453 units are rental homes, making up 60 percent of the housing market. For every renter household in Lakewood, New Jersey, there are 1 rental units.
What is the vacancy rate for rentals in Lakewood?
The rental vacancy rate in Lakewood is 2 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 Lakewood for each bedroom size?
Occupied Rental Units by Size in Lakewood
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 247 | 1,215 | 2,921 | 1,967 | 916 |
Occupied Rental Units by Size in Lakewood
A large number of apartments in Lakewood 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 Lakewood are overburdened by housing costs?
Among renter households in this market, 62 percent have housing cost burden. Further, 43 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 Lakewood
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,385 to $2,904. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,385 |
| One BR | $1,546 |
| Two BR | $1,916 |
| Three BR | $2,604 |
| Four BR | $2,904 |
2024 Fair Market Rents in Lakewood, New Jersey
How many units are rented at Fair Market Rent (FMR) in Lakewood?
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 | 92 | 37 percent |
| One BR | 1,051 | 87 percent |
| Two BR | 1,544 | 53 percent |
Rental Units Below FMR in Lakewood, New Jersey
How many affordable rental units are in Lakewood?
There are a variety of federal affordable housing programs serving households in Lakewood, New Jersey including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 450 |
| Section 8 Project-Based Rental Assistance | 341 |
| Mod Rehab Project-Based Rental Assistance | 8 |
Tracked Units by Federal Program in Lakewood, New Jersey
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lakewood, New Jersey
Lakewood features 732 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 Lakewood, New Jersey
There are 207 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lakewood.
Housing Choice Vouchers in Lakewood, New Jersey
On average, Section 8 Housing Choice vouchers pay Lakewood landlords $1,100 per month towards rent. The average voucher holder contributes $600 towards rent in Lakewood.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lakewood, New Jersey for a two-bedroom apartment is between $1,724 and $2,108.
Sourced from federal housing data and AffordableHousingOnline.com research.
