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Affordable Housing In Lake County

3 Low Income Apartment Communities In Lake County

Rustic Creek Townhomes

1425 9th Ave
Two Harbors, Minnesota
2-3 BR

Harbor Point

101 3rd Ave
Two Harbors, Minnesota
Call For Rent
1-2 BR

Two Harbors Hra

505 1st Ave
Two Harbors, Minnesota
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Guide To Affordable Housing in Lake County, Minnesota

There are 3 low income housing apartment communities offering 141 affordable apartments for rent in Lake County, Minnesota.

Income Based Apartments in Lake County, Minnesota

Lake County features 141 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 Lake County, Minnesota

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

Housing Choice Vouchers in Lake County, Minnesota

On average, Section 8 Housing Choice vouchers pay Lake County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Lake County.

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake County, Minnesota for a two-bedroom apartment is between $661 and $807.

2021 Lake County, 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 $484 $592 $734 $992 $995
Payment Standard Range $436 to $532 $533 to $651 $661 to $807 $893 to $1,091 $896 to $1,095

Sourced from federal housing data and research.

Lake County, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 141
Total Housing Units with Rental Assistance 141
Percentage of Housing Units Occupied By Renters 20.15%
Average Renter Household Size 1.78
Average Household Size 2.06
Median Household Income $48,417 ±$1,965
Median Rent $680 ±$43
Percentage Of Renters Overburdened 39.22% ± 8.12pp
Total Population 10,750

Population and Household Demographics

Lake County is a county in Minnesota with a population of 10,750. There are 5,087 households in the county with an average household size of 2.06 persons. 20.15% of households in Lake County are renters.

Income and Rent Overburden in Lake County

The median gross income for households in Lake County is $48,417 a year, or $4,035 a month. The median rent for the county is $680 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake County, a household making less than $2,267 a month would be considered overburdened when renting an apartment at or above the median rent. 39.22% of households who rent are overburdened in Lake County.

Area Median Income In Lake County

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.

In Lake County, HUD calculates the Area Median Income for a family of four as $73,900

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 Lake County

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 Lake County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,550 $17,750 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $25,900 $29,600 $33,300 $36,950 $39,950 $42,900 $45,850 $48,800
80% of Median $41,400 $47,300 $53,200 $59,100 $63,850 $68,600 $73,300 $78,050

Cities In Lake County

Select A City to View its Apartment Communities and Waiting Lists.

City Served By
Beaver Bay
Beaver Bayship
Crystal Bay
Fall Lake
Lake No. 1 UT
Lake No. 2 UT
Silver Bay
Silver Creek
Stony River
Two Harbors The HUD funded Public Housing Agency that serves Two Harbors is the Housing and Redevelopment Authority of Two Harbors Minnesota.