Stock Island, Florida Affordable Housing
Waiting Lists in Stock Island, Florida
There are no open Section 8 Housing Choice Voucher waiting lists in Stock Island. Go to the Florida Section 8 Waiting Lists page for openings near Stock Island.
Finding Affordable Housing in Stock Island, Florida
There are 48 low-income apartments in Stock Island that offer reduced rents to eligible households.
Rental assistance programs support 0 low-income homes in Stock Island where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $644 towards rent each month.
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Affordable rent data last confirmed on March 18th, 2023. Subdsidized rents typically change once a year based on federal guidance.
Affordable Housing Near Stock Island
View affordable apartments and waiting lists in cities near Stock Island
| City | Apartments |
|---|---|
| Key West, FL | Affordable Housing programs support 14 apartment communities in Key West. |
| Marathon, FL | Affordable Housing programs support 3 apartment communities in Marathon. |
| Key Largo, FL | Affordable Housing programs support 2 apartment communities in Key Largo. |
| Big Pine Key, FL | Affordable Housing programs support 1 apartment communities in Big Pine Key. |
| Tavernier, FL | Affordable Housing programs support 1 apartment communities in Tavernier. |
Public Housing Agencies Serving Stock Island, 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 |
|---|---|
| Monroe County Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
Stock Island, Florida Affordable Housing Data
Income Based Apartments in Stock Island, Florida
Stock Island features 0 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 Stock Island, Florida
There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Stock Island.
Housing Choice Vouchers in Stock Island, Florida
On average, Section 8 Housing Choice vouchers pay Stock Island landlords $1,100 per month towards rent. The average voucher holder contributes $600 towards rent in Stock Island.
The maximum amount a voucher would pay on behalf of a low-income tenant in Stock Island, Florida for a two-bedroom apartment is between $1,821 and $2,225.
2023 Stock Island, 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 | |
|---|---|---|---|---|---|
| Stock Island, Florida Fair Market Rent | $1,497 | $1,597 | $2,023 | $2,569 | $3,433 |
| Stock Island, Florida Payment Standard Range | $1,347 to $1,647 | $1,437 to $1,757 | $1,821 to $2,225 | $2,312 to $2,826 | $3,090 to $3,776 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Stock Island, FL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 1 |
|---|---|
| Total Low Income Apartments | 48 |
| Total Housing Units with Rental Assistance | 0 |
| Percentage of Housing Units Occupied By Renters | 58.35% |
| Average Renter Household Size | 3.32 |
| Average Household Size | 3.36 |
| Median Household Income | $45,417 ±$13,412 |
| Median Rent | $1,132 ±$104 |
| Percentage Of Renters Overburdened | 66.96% ± 14.1pp |
| Total Population | 3,901 |
Population and Household Demographics
Stock Island is a city in Monroe County, Florida with a population of 3,901. There are 1,162 households in the city with an average household size of 3.36 persons. 58.35% of households in Stock Island are renters.
Income and Rent Overburden in Stock Island
The median gross income for households in Stock Island is $45,417 a year, or $3,785 a month. The median rent for the city is $1,132 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Stock Island, a household making less than $3,773 a month would be considered overburdened when renting an apartment at or above the median rent. 66.96% of households who rent are overburdened in Stock Island.
Area Median Income In Stock Island
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 Stock Island, the AMI is calculated from all households within Monroe County.
In Stock Island, HUD calculates the Area Median Income for a family of four as $100,500
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 Stock Island
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 Stock Island
| 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 Stock Island AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$21,550 | $24,600 | $27,700 | $30,750 | $33,250 | $37,190 | $41,910 | $46,630 |
| 50% AMI Income Limits Renters earning up to 50% of the Stock Island AMI may qualify for rental assistance programs that target Very Low Income households. |
$35,900 | $41,000 | $46,150 | $51,250 | $55,350 | $59,450 | $63,550 | $67,650 |
| 80% AMI Income Limits Renters earning up to 80% of the Stock Island AMI may qualify for rental assistance programs that target Low Income households. |
$57,400 | $65,600 | $73,800 | $82,000 | $88,600 | $95,150 | $101,700 | $108,250 |
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