Cheap Apartments In North Key Largo
Monroe County, Florida

There are 0 low income housing apartment complexes which contain 0 affordable apartments for rent in North Key Largo, 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 North Key Largo. 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 North Key Largo, Florida

North Key Largo, FL Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Rent Assisted Apartments 0
Percentage of Housing Units Occupied By Renters 13.22%
Average Renter Household Size 2.66
Total Population 1,024
Housing Units 401
Average Household Size 2.05
Median Household Income $132,750 ±$32,492
Median Rent $1,431 ±$423
Percentage Of Renters Overburdened 43.4% ± 58.76pp

Population and Household Demographics

North Key Largo is a City in Monroe County, Florida with a population of 1,024. There are 401 households in the city with an average household size of 2.05 persons. 13.22% of households in North Key Largo are renters.

Income and Rent Overburden in North Key Largo

The median gross income for households in North Key Largo is $132,750 a year, or $11,063 a month. The median rent for the city is $1,431 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In North Key Largo, a household making less than $4,770 a month would be considered overburdened when renting an apartment at or above the median rent. 43.4% of households who rent are overburdened in North Key Largo.1

Data derived from 2010 Census and 2015 5-Year American Community Survey. Learn More.
1 Margin of Error: ± 58.76 percentage points.

Area Median Income In North Key Largo

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 North Key Largo, the AMI is calculated from all households within Monroe County.

In North Key Largo, 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 North Key Largo

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 North Key Largo HUD Rental Assistance in North Key Largo

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $18,550 $21,200 $23,850 $26,450 $29,420 $33,740 $38,060 $42,380
50% of Median $30,900 $35,300 $39,700 $44,100 $47,650 $51,200 $54,700 $58,250
80% of Median $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 North Key Largo 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 North Key Largo

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $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% of Median $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 North Key Largo 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 North Key Largo

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.

2019 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$1,054 $1,240 $1,640 $2,157 $2,761