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Affordable Housing In Climax
Polk County, Minnesota

Housing Authorities that serve Climax

Housing Authority Programs
Northwest Minnesota Multi-County Housing and Redevelopment Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Climax, Minnesota

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Climax, Minnesota.

Income Based Apartments in Climax, Minnesota

Climax 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 Climax, Minnesota

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

Housing Choice Vouchers in Climax, Minnesota

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Climax, Minnesota for a two-bedroom apartment is between $749 and $915.

2020 Climax, Minnesota 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 $570 $650 $832 $1,200 $1,461
Payment Standard Range $513 to $627 $585 to $715 $749 to $915 $1,080 to $1,320 $1,315 to $1,607

Sourced from federal housing data and AffordableHousingOnline.com research.

Climax, MN 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 36.22%
Average Renter Household Size 1.87
Average Household Size 2.28
Median Household Income $40,417 ±$12,545
Median Rent $492 ±$120
Percentage Of Renters Overburdened 34.78% ± 31.65pp
Total Population 290

Population and Household Demographics

Climax is a city in Polk County, Minnesota with a population of 290. There are 127 households in the city with an average household size of 2.28 persons. 36.22% of households in Climax are renters.

Income and Rent Overburden in Climax

The median gross income for households in Climax is $40,417 a year, or $3,368 a month. The median rent for the city is $492 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Climax, a household making less than $1,640 a month would be considered overburdened when renting an apartment at or above the median rent. 34.78% of households who rent are overburdened in Climax.

Area Median Income In Climax

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 Climax, the AMI is calculated from all households within Polk County.

In Climax, HUD calculates the Area Median Income for a family of four as $89,200

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 Climax

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 Climax

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $18,550 $21,200 $23,850 $26,500 $30,680 $35,160 $39,640 $44,120
50% of Median $30,950 $35,400 $39,800 $44,200 $47,750 $51,300 $54,850 $58,350
80% of Median $49,500 $56,600 $63,650 $70,700 $76,400 $82,050 $87,700 $93,350