Affordable Housing In Palatka
20 Low Income Apartment Communities In Palatka
Housing Authorities that serve Palatka
|Palatka Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in Palatka, Florida
There are 20 low income housing apartment communities offering 1,219 affordable apartments for rent in Palatka, Florida.
Income Based Apartments in Palatka, Florida
Palatka features 758 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 Palatka, Florida
There are 461 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Palatka.
Housing Choice Vouchers in Palatka, Florida
On average, Section 8 Housing Choice vouchers pay Palatka landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Palatka.
The maximum amount a voucher would pay on behalf of a low-income tenant in Palatka, Florida for a two-bedroom apartment is between $653 and $799.
2020 Palatka, 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|
|Fair Market Rent||$620||$638||$726||$967||$983|
|Payment Standard Range||$558 to $682||$574 to $702||$653 to $799||$870 to $1,064||$885 to $1,081|
Sourced from federal housing data and AffordableHousingOnline.com research.
Palatka, FL Affordable Housing Snapshot
|Total Affordable Apartment Properties||20|
|Total Low Income Apartments||1,219|
|Total Housing Units with Rental Assistance||758|
|Percentage of Housing Units Occupied By Renters||54.14%|
|Average Renter Household Size||2.51|
|Average Household Size||2.57|
|Median Household Income||$20,837 ±$3,752|
|Median Rent||$565 ±$39|
|Percentage Of Renters Overburdened||59.17% ± 11.8pp|
Population and Household Demographics
Palatka is a city in Putnam County, Florida with a population of 10,414. There are 3,827 households in the city with an average household size of 2.57 persons. 54.14% of households in Palatka are renters.
Income and Rent Overburden in Palatka
The median gross income for households in Palatka is $20,837 a year, or $1,736 a month. The median rent for the city is $565 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Palatka, a household making less than $1,883 a month would be considered overburdened when renting an apartment at or above the median rent. 59.17% of households who rent are overburdened in Palatka.
Area Median Income In Palatka
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 Palatka, the AMI is calculated from all households within Putnam County.
In Palatka, HUD calculates the Area Median Income for a family of four as $41,600
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 Palatka
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 Palatka
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$12,760||$17,240||$21,720||$26,200||$28,550||$30,650||$32,750||$34,850|
|50% of Median||$18,500||$21,150||$23,800||$26,400||$28,550||$30,650||$32,750||$34,850|
|80% of Median||$29,600||$33,800||$38,050||$42,250||$45,650||$49,050||$52,400||$55,800|