Cheap Apartments In Monroe County
Florida
There are 18 low income housing apartment complexes which contain 1,448 affordable apartments for rent in Monroe County, Florida. Many of these rental apartments are income based housing with about 919 apartments that set rent based on your income. Often referred to as "HUD apartments", there are 260 Project-Based Section 8 subsidized apartments in Monroe County. There are 725 other low income apartments that don't have rental assistance but are still considered to be affordable housing for low income families.
Housing Authorities that serve Monroe County
The Monroe County Housing Authority is a Section 8 and Public Housing public housing agency in Key West, Florida.
Other Housing Authorities located in Monroe County
The Housing Authority of Key West is a Section 8 and Public Housing public housing agency in Key West, Florida.
Understanding Affordable Housing in Monroe County, Florida
- Population And Household Demographics
- Income and Rent Overburden
- Fair Market Rents
- Area Median Income
- Low Income Housing Tax Credit
- Rental Assistance
Monroe County, FL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 18 |
|---|---|
| Total Low Income Apartments | 1,448 |
| Total Rent Assisted Apartments | 919 |
| Percentage of Housing Units Occupied By Renters | 38.86% |
| Average Renter Household Size | 2.71 |
| Total Population | 75,901 |
| Housing Units | 28,910 |
| Average Household Size | 2.55 |
| Median Household Income | $57,290 ±$1,946 |
| Median Rent | $1,385 ±$42 |
| Percentage Of Renters Overburdened | 57.71% ± 3.47pp |
Population and Household Demographics
Monroe County is a County in Florida with a population of 75,901. There are 28,910 households in the county with an average household size of 2.55 persons. 38.86% of households in Monroe County are renters.
Income and Rent Overburden in Monroe County
The median gross income for households in Monroe County is $57,290 a year, or $4,774 a month. The median rent for the county is $1,385 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Monroe County, a household making less than $4,617 a month would be considered overburdened when renting an apartment at or above the median rent.57.71% of households who rent are overburdened in Monroe County.1
Data derived from 2010 Census and 2015 5-Year American Community Survey. Learn More.
1 Margin of Error: ± 3.47 percentage points.
Area Median Income In Monroe 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 Monroe County, 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 Monroe 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 Monroe County HUD Rental Assistance in Monroe County
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 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.
Low Income Housing Tax Credits in Monroe County
The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.
From 1993 to 2011, 10 low income apartment communities containing 625 rental apartments have been constructed and made affordable to low income persons in Monroe County by the Low Income Housing Tax Credit Program.
You can identify apartment communities that participate in the program in Monroe County 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 Monroe County
| AMI Band | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 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 Monroe County 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 AMI | Studio | 1 Bed | 2 Bed | 3 Bed | 4 Bed | 5 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 Monroe County
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
| Studio | One BR | Two BR | Three BR | Four BR |
|---|---|---|---|---|
| $960 | $1,139 | $1,514 | $1,914 | $2,514 |
Cities In Monroe County
Select A City to View its Apartment Communities and Waiting Lists.
| City | Listings | Served By |
|---|---|---|
| Key West | 12 | The HUD funded Public Housing Agencies that serve Key West are the Housing Authority of Key West and Monroe County Housing Authority. |
| Key Largo | 2 | The HUD funded Public Housing Agency that serves Key Largo is the Monroe County Housing Authority. |
| Big Pine Key | 1 | The HUD funded Public Housing Agency that serves Big Pine Key is the Monroe County Housing Authority. |
| Marathon | 2 | The HUD funded Public Housing Agency that serves Marathon is the Monroe County Housing Authority. |
| Big Coppitt Key | 0 | |
| Cudjoe Key | 0 | |
| Duck Key | 0 | |
| Key Colony Beach | 0 | |
| Layton | 0 | |
| North Key Largo | 0 | |
| Stock Island | 0 | |
| Tavernier | 1 |
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