Affordable Housing In Kokomo
23 Low Income Apartment Communities In Kokomo
Housing Authorities that serve Kokomo
|Kokomo Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
|Peru Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in Kokomo, Indiana
There are 23 low income housing apartment communities offering 2,365 affordable apartments for rent in Kokomo, Indiana.
Income Based Apartments in Kokomo, Indiana
Kokomo features 1,396 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 Kokomo, Indiana
There are 888 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Kokomo.
Housing Choice Vouchers in Kokomo, Indiana
On average, Section 8 Housing Choice vouchers pay Kokomo landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Kokomo.
The maximum amount a voucher would pay on behalf of a low-income tenant in Kokomo, Indiana for a two-bedroom apartment is between $659 and $805.
2021 Kokomo, Indiana 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||$576||$579||$732||$1,019||$1,121|
|Payment Standard Range||$518 to $634||$521 to $637||$659 to $805||$917 to $1,121||$1,009 to $1,233|
Sourced from federal housing data and AffordableHousingOnline.com research.
Kokomo, IN Affordable Housing Snapshot
|Total Affordable Apartment Properties||23|
|Total Low Income Apartments||2,365|
|Total Housing Units with Rental Assistance||1,396|
|Percentage of Housing Units Occupied By Renters||37.94%|
|Average Renter Household Size||2.23|
|Average Household Size||2.26|
|Median Household Income||$37,623 ±$1,742|
|Median Rent||$641 ±$23|
|Percentage Of Renters Overburdened||48.01% ± 4pp|
Population and Household Demographics
Kokomo is a city in Howard County, Indiana with a population of 58,054. There are 25,227 households in the city with an average household size of 2.26 persons. 37.94% of households in Kokomo are renters.
Income and Rent Overburden in Kokomo
The median gross income for households in Kokomo is $37,623 a year, or $3,135 a month. The median rent for the city is $641 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Kokomo, a household making less than $2,137 a month would be considered overburdened when renting an apartment at or above the median rent. 48.01% of households who rent are overburdened in Kokomo.
Area Median Income In Kokomo
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 Kokomo, the AMI is calculated from all households within Howard County.
In Kokomo, HUD calculates the Area Median Income for a family of four as $63,900
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 Kokomo
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 Kokomo
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$13,750||$17,240||$21,720||$26,200||$30,680||$35,160||$39,640||$43,100|
|50% of Median||$22,900||$26,150||$29,400||$32,650||$35,300||$37,900||$40,500||$43,100|
|80% of Median||$36,600||$41,800||$47,050||$52,250||$56,450||$60,650||$64,800||$69,000|