Affordable Housing In Lake of the Woods County
3 Low Income Apartment Communities In Lake of the Woods County
Housing Authorities that serve Lake of the Woods County
|Northwest Minnesota Multi-County Housing and Redevelopment Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in Lake of the Woods County, Minnesota
There are 3 low income housing apartment communities offering 72 affordable apartments for rent in Lake of the Woods County, Minnesota.
Income Based Apartments in Lake of the Woods County, Minnesota
Lake of the Woods County features 72 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 of the Woods County, Minnesota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake of the Woods County.
Housing Choice Vouchers in Lake of the Woods County, Minnesota
On average, Section 8 Housing Choice vouchers pay Lake of the Woods County landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake of the Woods County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake of the Woods County, Minnesota for a two-bedroom apartment is between $700 and $856.
2020 Lake of the Woods 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||$513||$591||$778||$970||$1,096|
|Payment Standard Range||$462 to $564||$532 to $650||$700 to $856||$873 to $1,067||$986 to $1,206|
Sourced from federal housing data and AffordableHousingOnline.com research.
Lake of the Woods County, MN Affordable Housing Snapshot
|Total Affordable Apartment Properties||3|
|Total Low Income Apartments||72|
|Total Housing Units with Rental Assistance||72|
|Percentage of Housing Units Occupied By Renters||14.54%|
|Average Renter Household Size||2.09|
|Average Household Size||2.40|
|Median Household Income||$42,263 ±$4,092|
|Median Rent||$634 ±$76|
|Percentage Of Renters Overburdened||51.69% ± 17.37pp|
Population and Household Demographics
Lake of the Woods County is a county in Minnesota with a population of 3,949. There are 1,623 households in the county with an average household size of 2.40 persons. 14.54% of households in Lake of the Woods County are renters.
Income and Rent Overburden in Lake of the Woods County
The median gross income for households in Lake of the Woods County is $42,263 a year, or $3,522 a month. The median rent for the county is $634 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake of the Woods County, a household making less than $2,113 a month would be considered overburdened when renting an apartment at or above the median rent. 51.69% of households who rent are overburdened in Lake of the Woods County.
Area Median Income In Lake of the Woods 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 of the Woods County, HUD calculates the Area Median Income for a family of four as $70,900
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 of the Woods 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 of the Woods County
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$15,300||$17,450||$21,720||$26,200||$30,680||$35,160||$39,640||$44,120|
|50% of Median||$25,450||$29,050||$32,700||$36,300||$39,250||$42,150||$45,050||$47,950|
|80% of Median||$40,700||$46,500||$52,300||$58,100||$62,750||$67,400||$72,050||$76,700|
Cities In Lake of the Woods County
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