Affordable Housing In Pequot Lakes
Crow Wing County, Minnesota

3 Low Income Apartment Communities In Pequot Lakes

Parkview I and II

31215 N Heath St
Pequot Lakes, MN
Subsidized

Alpine Apartments

31176 Pequot Blvd
Pequot Lakes, MN
Subsidized

Sibley Terrace

31203 N Oak St
Pequot Lakes, MN
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Housing Authorities that serve Pequot Lakes

Housing Authority Programs
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

According to federal housing data and AffordableHousingOnline.com research, there are 3 low income housing apartment communities offering 76 affordable apartments for rent in Pequot Lakes, Minnesota. Pequot Lakes features 76 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 Pequot Lakes.

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
Total Population 2,445

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

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 Pequot Lakes

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 Pequot Lakes 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 Pequot Lakes

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
$545 $635 $836 $1,086 $1,193