Affordable Housing In Simonton Lake
Housing Authorities that serve Simonton Lake
|Brightpoint||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Simonton Lake, Indiana
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Simonton Lake, Indiana.
Income Based Apartments in Simonton Lake, Indiana
Simonton Lake 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 Simonton Lake, Indiana
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Simonton Lake.
Housing Choice Vouchers in Simonton Lake, Indiana
On average, Section 8 Housing Choice vouchers pay Simonton Lake landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Simonton Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Simonton Lake, Indiana for a two-bedroom apartment is between $735 and $899.
2020 Simonton Lake, 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||$532||$630||$817||$1,029||$1,129|
|Payment Standard Range||$479 to $585||$567 to $693||$735 to $899||$926 to $1,132||$1,016 to $1,242|
Sourced from federal housing data and AffordableHousingOnline.com research.
Simonton Lake, IN Affordable Housing Snapshot
|Total Affordable Apartment Properties||0|
|Total Low Income Apartments||0|
|Total Housing Units with Rental Assistance||0|
|Percentage of Housing Units Occupied By Renters||18.14%|
|Average Renter Household Size||2.78|
|Average Household Size||2.36|
|Median Household Income||$56,353 ±$4,261|
|Median Rent||$741 ±$106|
|Percentage Of Renters Overburdened||33.33% ± 16.86pp|
Population and Household Demographics
Simonton Lake is a City in Elkhart County, Indiana with a population of 4,446. There are 1,885 households in the city with an average household size of 2.36 persons. 18.14% of households in Simonton Lake are renters.
Income and Rent Overburden in Simonton Lake
The median gross income for households in Simonton Lake is $56,353 a year, or $4,696 a month. The median rent for the city is $741 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Simonton Lake, a household making less than $2,470 a month would be considered overburdened when renting an apartment at or above the median rent. 33.33% of households who rent are overburdened in Simonton Lake.1
Area Median Income In Simonton Lake
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 Simonton Lake, the AMI is calculated from all households within Elkhart County.
In Simonton Lake, HUD calculates the Area Median Income for a family of four as $69,100
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 Simonton Lake
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 Simonton Lake
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$14,150||$16,910||$21,330||$25,750||$30,170||$34,590||$39,010||$43,430|
|50% of Median||$23,550||$26,900||$30,250||$33,600||$36,300||$39,000||$41,700||$44,400|
|80% of Median||$37,650||$43,000||$48,400||$53,750||$58,050||$62,350||$66,650||$70,950|