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Cheap Apartments In Big Coppitt Key
Monroe County,Florida

There are 0 low income housing apartment complexes which contain 0 affordable apartments for rent in Big Coppitt Key, Florida. Many of these rental apartments are income based housing with about 0 apartments that set rent based on your income. Often referred to as "HUD apartments", there are 0 Project-Based Section 8 subsidized apartments in Big Coppitt Key. There are 0 other low income apartments that don't have rental assistance but are still considered to be affordable housing for low income families.

Understanding Affordable Housing in Big Coppitt Key, Florida

Big Coppitt Key, FL Affordable Housing Snapshot

Total Affordable Apartment Properties0
Total Low Income Apartments0
Total Rent Assisted Apartments0
Percentage of Housing Units Occupied By Renters34.66%
Average Renter Household Size3.73
Total Population2,567
Housing Units880
Average Household Size2.92
Median Household Income$60,921 ±$27,059
Median Rent$1,519 ±$274
Percentage Of Renters Overburdened57.7% ± 15.96pp

Population and Household Demographics

Big Coppitt Key is a City in Monroe County, Florida with a population of 2,567. There are 880 households in the city with an average household size of 2.92 persons. 34.66% of households in Big Coppitt Key are renters.

Income and Rent Overburden in Big Coppitt Key

The median gross income for households in Big Coppitt Key is $60,921 a year, or $5,077 a month. The median rent for the city is $1,519 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Big Coppitt Key, a household making less than $5,063 a month would be considered overburdened when renting an apartment at or above the median rent.57.7% of households who rent are overburdened in Big Coppitt Key.1

Data derived from 2010 Census and 2015 5-Year American Community Survey. Learn More.
1 Margin of Error: ± 15.96 percentage points.

Area Median Income In Big Coppitt Key

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 Big Coppitt Key, the AMI is calculated from all households within Monroe County.

In Big Coppitt Key, HUD calculates the Area Median Income for a family of four as $84,400

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 Big Coppitt Key

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 Big Coppitt Key HUD Rental Assistance in Big Coppitt Key

AMI Band1 Person2 Person3 Person4 Person5 Person6 Person7 Person8 Person
30%$18,550$21,200$23,850$26,450$29,420$33,740$38,060$42,380
50%$30,900$35,300$39,700$44,100$47,650$51,200$54,700$58,250
80%$49,400$56,450$63,500$70,550$76,200$81,850$87,500$93,150

You can identify apartment communities that participate in a program that provides rental assistance by looking for the tags in the apartment list above. View Apartments.

You can identify apartment communities that participate in the program in Big Coppitt Key by looking for the tag in the apartment list above. View Apartments.

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 Big Coppitt Key

AMI Band1 Person2 Person3 Person4 Person5 Person6 Person7 Person8 Person
50%$30,900$35,300$39,700$44,100$47,650$51,200$54,700$58,250
HERA 50%$32,200$36,800$41,400$45,950$49,650$53,350$57,000$60,700
60%$37,080$42,360$47,640$52,920$57,180$61,440$65,640$69,900
HERA 60%$38,640$44,160$49,680$55,140$59,580$64,020$68,400$72,840

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 Big Coppitt Key is $47,640 a year, or $3,970 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,970 by 30% to get a maximum rent of $1,191 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 AMIStudio1 Bed2 Bed3 Bed4 Bed5 Bed
50%$773$828$993$1,147$1,280$1,412
60%$927$993$1,191$1,376$1,536$1,694
Fair Market Rents in Big Coppitt Key

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.

2018 Fair Market Rents
StudioOne BRTwo BRThree BRFour BR
$960$1,139$1,514$1,914$2,514