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Affordable Housing In Panacea
Wakulla County, Florida

1 Low Income Apartment Communities In Panacea

Summer Trace CO Parent Mgmt Co

45 Otter Lake Rd
Panacea, Florida
Disabled Supportive Housing
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Housing Authorities that serve Panacea

Housing Authority Programs
North Central Florida Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Panacea, Florida

There are 1 low income housing apartment communities offering 30 affordable apartments for rent in Panacea, Florida.

Income Based Apartments in Panacea, Florida

Panacea features 30 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 Panacea, Florida

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Panacea.

Housing Choice Vouchers in Panacea, Florida

On average, Section 8 Housing Choice vouchers pay Panacea landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Panacea.

The maximum amount a voucher would pay on behalf of a low-income tenant in Panacea, Florida for a two-bedroom apartment is between $803 and $981.

2021 Panacea, 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
Panacea, Florida Fair Market Rent $678 $738 $892 $1,109 $1,544
Panacea, Florida Payment Standard Range $610 to $746 $664 to $812 $803 to $981 $998 to $1,220 $1,390 to $1,698

Sourced from federal housing data and research.

Panacea, FL Affordable Housing Snapshot

Total Affordable Apartment Properties 1
Total Low Income Apartments 30
Total Housing Units with Rental Assistance 30
Percentage of Housing Units Occupied By Renters 64.21%
Average Renter Household Size 2.45
Average Household Size 2.56
Median Household Income $31,731 ±$25,562
Median Rent $842 ±$237
Percentage Of Renters Overburdened 40.85% ± 35.83pp
Total Population 937

Population and Household Demographics

Panacea is a city in Wakulla County, Florida with a population of 937. There are 366 households in the city with an average household size of 2.56 persons. 64.21% of households in Panacea are renters.

Income and Rent Overburden in Panacea

The median gross income for households in Panacea is $31,731 a year, or $2,644 a month. The median rent for the city is $842 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Panacea, a household making less than $2,807 a month would be considered overburdened when renting an apartment at or above the median rent. 40.85% of households who rent are overburdened in Panacea.

Area Median Income In Panacea

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 Panacea, the AMI is calculated from all households within Wakulla County.

In Panacea, HUD calculates the Area Median Income for a family of four as $73,100

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 Panacea

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 Panacea

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 Panacea AMI may qualify for rental assistance programs that target Extremely Low Income households.
$15,400 $17,600 $21,960 $26,500 $31,040 $35,580 $40,120 $44,660
50% AMI Income Limits
Renters earning up to 50% of the Panacea AMI may qualify for rental assistance programs that target Very Low Income households.
$25,600 $29,250 $32,900 $36,550 $39,500 $42,400 $45,350 $48,250
80% AMI Income Limits
Renters earning up to 80% of the Panacea AMI may qualify for rental assistance programs that target Low Income households.
$40,950 $46,800 $52,650 $58,500 $63,200 $67,900 $72,550 $77,250