Affordable Housing In Mineral County
Guide To Affordable Housing in Mineral County, Colorado
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Mineral County, Colorado.
Income Based Apartments in Mineral County, Colorado
Mineral County features 0 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 Mineral County, Colorado
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mineral County.
Housing Choice Vouchers in Mineral County, Colorado
On average, Section 8 Housing Choice vouchers pay Mineral County landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Mineral County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Mineral County, Colorado for a two-bedroom apartment is between $1,021 and $1,247.
2022 Mineral County, Colorado Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
|Studio||One BR||Two BR||Three BR||Four BR|
|Mineral County, Colorado Fair Market Rent||$902||$907||$1,134||$1,513||$1,821|
|Mineral County, Colorado Payment Standard Range||$812 to $992||$816 to $998||$1,021 to $1,247||$1,362 to $1,664||$1,639 to $2,003|
Sourced from federal housing data and AffordableHousingOnline.com research.
Mineral County, CO Affordable Housing Snapshot
|Total Affordable Apartment Properties||0|
|Total Low Income Apartments||0|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||11.68%|
|Average Renter Household Size||2.58|
|Average Household Size||1.91|
|Median Household Income||$48,125 ±$8,932|
|Median Rent||$761 ±$173|
|Percentage Of Renters Overburdened||39.53% ± 41.57pp|
Population and Household Demographics
Mineral County is a county in Colorado with a population of 733. There are 368 households in the county with an average household size of 1.91 persons. 11.68% of households in Mineral County are renters.
Income and Rent Overburden in Mineral County
The median gross income for households in Mineral County is $48,125 a year, or $4,010 a month. The median rent for the county is $761 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Mineral County, a household making less than $2,537 a month would be considered overburdened when renting an apartment at or above the median rent. 39.53% of households who rent are overburdened in Mineral County.
Area Median Income In Mineral County
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.
In Mineral County, HUD calculates the Area Median Income for a family of four as $72,400
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 Mineral County
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 HUD Rental Assistance in Mineral County
|1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% AMI Income Limits
Renters earning up to 30% of the Mineral County AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Mineral County AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Mineral County AMI may qualify for rental assistance programs that target Low Income households.