Affordable Housing In Lake County
Minnesota

3 Low Income Apartment Communities In Lake County

Rustic Creek Townhomes

1425 9th Ave
Two Harbors, MN
$621-747
2-3 BR
Subsidized

Harbor Point

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

Two Harbors Hra

505 1st Ave
Two Harbors, MN
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Other Housing Authorities located in Lake County

Housing Authority Programs
Housing and Redevelopment Authority of Two Harbors Minnesota Public Housing

Guide To Affordable Housing in Lake County, Minnesota

According to federal housing data and AffordableHousingOnline.com research, there are 3 low income housing apartment communities offering 141 affordable apartments for rent in Lake County, Minnesota. Lake County features 141 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Lake County.

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.1

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 $69,800

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 Lake County 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 $15,200 $17,400 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $25,350 $29,000 $32,600 $36,200 $39,100 $42,000 $44,900 $47,800
80% of Median $40,550 $46,350 $52,150 $57,900 $62,550 $67,200 $71,800 $76,450

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Lake County

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $25,350 $29,000 $32,600 $36,200 $39,100 $42,000 $44,900 $47,800
60% of Median $30,420 $34,800 $39,120 $43,440 $46,920 $50,400 $53,880 $57,360

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Lake County is $39,120 a year, or $3,260 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,260 by 30% to get a maximum rent of $978 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $634 $679 $815 $941 $1,050 $1,159
60% $761 $815 $978 $1,130 $1,260 $1,391
Fair Market Rents in Lake County

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$506 $589 $768 $1,078 $1,082

Cities In Lake County

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

City Listings Served By
Two Harbors 3 The HUD funded Public Housing Agency that serves Two Harbors is the Housing and Redevelopment Authority of Two Harbors Minnesota.
Beaver Bay 0
Beaver Bayship 0
Crystal Bay 0
Fall Lake 0
Finland 0
Lake No. 1 UT 0
Lake No. 2 UT 0
Silver Bay 0
Silver Creek 0
Stony River 0