Affordable Housing In Summit County
5 Low Income Apartment Communities In Summit County
Guide To Affordable Housing in Summit County, Colorado
There are 5 low income housing apartment communities offering 439 affordable apartments for rent in Summit County, Colorado.
Income Based Apartments in Summit County, Colorado
Summit County features 30 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 Summit County, Colorado
There are 409 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Summit County.
Housing Choice Vouchers in Summit County, Colorado
On average, Section 8 Housing Choice vouchers pay Summit County landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Summit County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Summit County, Colorado for a two-bedroom apartment is between $1,617 and $1,977.
2022 Summit 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|
|Summit County, Colorado Fair Market Rent||$1,340||$1,577||$1,797||$2,553||$2,886|
|Summit County, Colorado Payment Standard Range||$1,206 to $1,474||$1,419 to $1,735||$1,617 to $1,977||$2,298 to $2,808||$2,597 to $3,175|
Sourced from federal housing data and AffordableHousingOnline.com research.
Summit County, CO Affordable Housing Snapshot
|Total Affordable Apartment Properties||5|
|Total Low Income Apartments||439|
|Total Housing Units with Rental Assistance||30|
|Percentage of Housing Units Occupied By Renters||33.67%|
|Average Renter Household Size||3.26|
|Average Household Size||2.82|
|Median Household Income||$67,983 ±$7,621|
|Median Rent||$1,200 ±$71|
|Percentage Of Renters Overburdened||43.05% ± 7.59pp|
Population and Household Demographics
Summit County is a county in Colorado with a population of 28,940. There are 10,143 households in the county with an average household size of 2.82 persons. 33.67% of households in Summit County are renters.
Income and Rent Overburden in Summit County
The median gross income for households in Summit County is $67,983 a year, or $5,665 a month. The median rent for the county is $1,200 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Summit County, a household making less than $4,000 a month would be considered overburdened when renting an apartment at or above the median rent. 43.05% of households who rent are overburdened in Summit County.
Area Median Income In Summit 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 Summit County, HUD calculates the Area Median Income for a family of four as $96,100
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 Summit 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 Summit 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 Summit 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 Summit 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 Summit County AMI may qualify for rental assistance programs that target Low Income households.