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Affordable Housing In Peterson
Fillmore County, Minnesota

Housing Authorities that serve Peterson

Housing Authority Programs
Southeastern Minnesota Multi-County Housing and Redevelopment Authority Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Peterson, Minnesota

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Peterson, Minnesota.

Income Based Apartments in Peterson, Minnesota

Peterson features 0 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 Peterson, Minnesota

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Peterson.

Housing Choice Vouchers in Peterson, Minnesota

On average, Section 8 Housing Choice vouchers pay Peterson landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Peterson.

The maximum amount a voucher would pay on behalf of a low-income tenant in Peterson, Minnesota for a two-bedroom apartment is between $643 and $785.

2020 Peterson, 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 $469 $542 $714 $989 $1,004
Payment Standard Range $422 to $516 $488 to $596 $643 to $785 $890 to $1,088 $904 to $1,104

Sourced from federal housing data and AffordableHousingOnline.com research.

Peterson, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 14.77%
Average Renter Household Size 2.38
Average Household Size 2.18
Median Household Income $51,250 ±$10,355
Median Rent $775 ±$73
Percentage Of Renters Overburdened 0% ± 138.46pp
Total Population 192

Population and Household Demographics

Peterson is a city in Fillmore County, Minnesota with a population of 192. There are 88 households in the city with an average household size of 2.18 persons. 14.77% of households in Peterson are renters.

Income and Rent Overburden in Peterson

The median gross income for households in Peterson is $51,250 a year, or $4,271 a month. The median rent for the city is $775 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Peterson, a household making less than $2,583 a month would be considered overburdened when renting an apartment at or above the median rent. 0% of households who rent are overburdened in Peterson.

Area Median Income In Peterson

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 Peterson, the AMI is calculated from all households within Fillmore County.

In Peterson, HUD calculates the Area Median Income for a family of four as $75,900

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 Peterson

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 Peterson

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,950 $18,200 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $26,600 $30,400 $34,200 $37,950 $41,000 $44,050 $47,100 $50,100
80% of Median $42,500 $48,600 $54,650 $60,700 $65,600 $70,450 $75,300 $80,150