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There are 373 low-income apartments in Lake Wales that offer reduced rents to eligible households.
Rental assistance programs support 367 low-income homes in Lake Wales where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $387 towards rent each month.
Affordable rent data for some communities last confirmed on January 2nd, 2023. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Lake Wales, Florida
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.
| Housing Authority | Programs |
|---|---|
| Lake Wales Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
Lake Wales, Florida Affordable Housing Data
Income Based Apartments in Lake Wales, Florida
Lake Wales features 367 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 Lake Wales, Florida
There are 373 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Wales.
Housing Choice Vouchers in Lake Wales, Florida
On average, Section 8 Housing Choice vouchers pay Lake Wales landlords $700 per month towards rent. The average voucher holder contributes $400 towards rent in Lake Wales.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Wales, Florida for a two-bedroom apartment is between $1,041 and $1,273.
2023 Lake Wales, Florida 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 | |
|---|---|---|---|---|---|
| Lake Wales, Florida Fair Market Rent | $930 | $935 | $1,157 | $1,565 | $1,971 |
| Lake Wales, Florida Payment Standard Range | $837 to $1,023 | $842 to $1,029 | $1,041 to $1,273 | $1,409 to $1,722 | $1,774 to $2,168 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Lake Wales, FL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 9 |
|---|---|
| Total Low Income Apartments | 740 |
| Total Housing Units with Rental Assistance | 367 |
| Percentage of Housing Units Occupied By Renters | 40.89% |
| Average Renter Household Size | 3.13 |
| Average Household Size | 2.68 |
| Median Household Income | $36,296 ±$2,840 |
| Median Rent | $738 ±$31 |
| Percentage Of Renters Overburdened | 56.06% ± 6.52pp |
| Total Population | 14,929 |
Population and Household Demographics
Lake Wales is a city in Polk County, Florida with a population of 14,929. There are 5,427 households in the city with an average household size of 2.68 persons. 40.89% of households in Lake Wales are renters.
Income and Rent Overburden in Lake Wales
The median gross income for households in Lake Wales is $36,296 a year, or $3,025 a month. The median rent for the city is $738 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake Wales, a household making less than $2,460 a month would be considered overburdened when renting an apartment at or above the median rent. 56.06% of households who rent are overburdened in Lake Wales.
Area Median Income In Lake Wales
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 Wales, the AMI is calculated from all households within Polk County.
In Lake Wales, HUD calculates the Area Median Income for a family of four as $74,300
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 Wales
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 Lake Wales
| 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 Lake Wales AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$15,000 | $19,720 | $24,860 | $30,000 | $35,140 | $40,280 | $44,300 | $47,150 |
| 50% AMI Income Limits Renters earning up to 50% of the Lake Wales AMI may qualify for rental assistance programs that target Very Low Income households. |
$25,000 | $28,600 | $32,150 | $35,700 | $38,600 | $41,450 | $44,300 | $47,150 |
| 80% AMI Income Limits Renters earning up to 80% of the Lake Wales AMI may qualify for rental assistance programs that target Low Income households. |
$40,000 | $45,700 | $51,400 | $57,100 | $61,700 | $66,250 | $70,850 | $75,400 |
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