Affordable Housing In Pequot Lakes
Crow Wing County,
3 Low Income Apartment Communities In Pequot Lakes
Housing Authorities that serve Pequot Lakes
|Housing and Redevelopment Authority of Pequot Lakes||Public Housing|
|Brainerd Housing and Redevelopment Authority||Section 8 Housing Choice Voucher (HCV); Public Housing; Homeownership Voucher; Family Self-Sufficiency|
Guide To Affordable Housing in Pequot Lakes, Minnesota
There are 3 low income housing apartment communities offering 76 affordable apartments for rent in Pequot Lakes, Minnesota.
Income Based Apartments in Pequot Lakes, Minnesota
Pequot Lakes features 76 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 Pequot Lakes, Minnesota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Pequot Lakes.
Housing Choice Vouchers in Pequot Lakes, Minnesota
On average, Section 8 Housing Choice vouchers pay Pequot Lakes landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Pequot Lakes.
The maximum amount a voucher would pay on behalf of a low-income tenant in Pequot Lakes, Minnesota for a two-bedroom apartment is between $752 and $920.
2020 Pequot Lakes, 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||$545||$635||$836||$1,086||$1,193|
|Payment Standard Range||$491 to $600||$572 to $699||$752 to $920||$977 to $1,195||$1,074 to $1,312|
Sourced from federal housing data and AffordableHousingOnline.com research.
Pequot Lakes, MN Affordable Housing Snapshot
|Total Affordable Apartment Properties||3|
|Total Low Income Apartments||76|
|Total Housing Units with Rental Assistance||76|
|Percentage of Housing Units Occupied By Renters||37.84%|
|Average Renter Household Size||2.19|
|Average Household Size||2.58|
|Median Household Income||$42,639 ±$9,090|
|Median Rent||$616 ±$29|
|Percentage Of Renters Overburdened||45.53% ± 13.92pp|
Population and Household Demographics
Pequot Lakes is a City in Crow Wing County, Minnesota with a population of 2,445. There are 946 households in the city with an average household size of 2.58 persons. 37.84% of households in Pequot Lakes are renters.
Income and Rent Overburden in Pequot Lakes
The median gross income for households in Pequot Lakes is $42,639 a year, or $3,553 a month. The median rent for the city is $616 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Pequot Lakes, a household making less than $2,053 a month would be considered overburdened when renting an apartment at or above the median rent. 45.53% of households who rent are overburdened in Pequot Lakes.1
Area Median Income In Pequot Lakes
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 Pequot Lakes, the AMI is calculated from all households within Crow Wing County.
In Pequot Lakes, HUD calculates the Area Median Income for a family of four as $67,300
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 Pequot Lakes
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 Pequot Lakes HUD Rental Assistance in Pequot Lakes
|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|