Affordable Housing In Lake County
3 Low Income Apartment Communities In Lake County
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 $691 and $845.
2020 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||$506||$589||$768||$1,078||$1,082|
|Payment Standard Range||$455 to $557||$530 to $648||$691 to $845||$970 to $1,186||$974 to $1,190|
Sourced from federal housing data and AffordableHousingOnline.com 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|
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.
|Lake No. 1 UT|
|Lake No. 2 UT|
|Two Harbors||The HUD funded Public Housing Agency that serves Two Harbors is the Housing and Redevelopment Authority of Two Harbors Minnesota.|