Affordable Housing In Lake Wildwood
Nevada County, California

There are 0 low income housing apartment complexes which contain 0 affordable apartments for rent in Lake Wildwood. Many of these rental apartments are income based housing with 0 apartments that set rent based on your income. In Lake Wildwood, HUD housing programs support 0 rental assistance apartments through programs like Project-based Section 8. There are 0 other low income apartments that don't have rental assistance but are cheaper than market rate rents.

Housing Authorities that serve Lake Wildwood

Housing Authority Programs
Regional Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing; Family Self-sufficiency; Veteran Affairs Supportive Housing (VASH); Section 8 Project-Based Voucher (PBV); Rental Assistance Demonstration (RAD)

Guide To Affordable Housing in Lake Wildwood, California

Lake Wildwood, CA Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Rent Assisted Apartments 0
Percentage of Housing Units Occupied By Renters 19.13%
Average Renter Household Size 2.58
Total Population 5,375
Housing Units 2,332
Average Household Size 2.30
Median Household Income $63,271 ±$9,303
Median Rent $1,730 ±$174
Percentage Of Renters Overburdened 53.36% ± 20.47pp

Population and Household Demographics

Lake Wildwood is a City in Nevada County, California with a population of 5,375. There are 2,332 households in the city with an average household size of 2.30 persons. 19.13% of households in Lake Wildwood are renters.

Income and Rent Overburden in Lake Wildwood

The median gross income for households in Lake Wildwood is $63,271 a year, or $5,273 a month. The median rent for the city is $1,730 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake Wildwood, a household making less than $5,767 a month would be considered overburdened when renting an apartment at or above the median rent. 53.36% of households who rent are overburdened in Lake Wildwood.1

Area Median Income In Lake Wildwood

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Lake Wildwood, the AMI is calculated from all households within Nevada County.

In Lake Wildwood, HUD calculates the Area Median Income for a family of four as $85,100

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Lake Wildwood

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Lake Wildwood HUD Rental Assistance in Lake Wildwood

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $16,750 $19,150 $21,550 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $27,900 $31,900 $35,900 $39,850 $43,050 $46,250 $49,450 $52,650
80% of Median $44,650 $51,000 $57,400 $63,750 $68,850 $73,950 $79,050 $84,150

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Lake Wildwood

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $27,900 $31,900 $35,900 $39,850 $43,050 $46,250 $49,450 $52,650
60% of Median $33,480 $38,280 $43,080 $47,820 $51,660 $55,500 $59,340 $63,180

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Lake Wildwood is $43,080 a year, or $3,590 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,590 by 30% to get a maximum rent of $1,077 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $698 $748 $898 $1,036 $1,156 $1,276
60% $837 $897 $1,077 $1,244 $1,388 $1,532
Fair Market Rents in Lake Wildwood

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$778 $916 $1,211 $1,751 $1,978