Affordable Housing In Princeton
Mille Lacs County, Minnesota

10 Low Income Apartment Communities In Princeton

Riverview Place Apartments

1310 15th Ave N
Princeton, Minnesota
$510-750
1-3 BR

Riverside Apartments

106 4th Ave S
Princeton, Minnesota
$725-750
1-2 BR
Accessible
62+

D and G Apartments 1

805 6th Ave N
Princeton, Minnesota
$630-761
1-2 BR
Subsidized

D and G Apartments 2

807 6th Ave N
Princeton, Minnesota
$630-750
1-2 BR
Subsidized

West Birch Townhomes

602 13th Ave N
Princeton, Minnesota
$670-785
2-3 BR

Riverview Place North Apartments

1400 15th Ave N
Princeton, Minnesota

Princeton Apartments

206 4th Ave S
Princeton, Minnesota
Subsidized

Targeted Home 97 - Th - 2415

Branch St And 13th Ave N
Princeton, Minnesota

The Oaks Apartments

801 3rd St N
Princeton, Minnesota

Belle Haven Townhomes

101 18th Ave N
Princeton, Minnesota
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Section 8 Vouchers, Apartments, and Waiting Lists in Princeton, Minnesota

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Households who qualify for these programs may also qualify for Project-Based Section 8, which contributes rental assistance payments directly to private landlords on behalf of low-income tenants. Eligibility for the project-based program is similar to the voucher programs, but waiting list and application policies will vary depending on the landlord.

Public Housing Agencies Serving Princeton, Minnesota

Housing Authority Programs
Housing and Redevelopment Authority of Princeton Minnesota Public Housing

Guide To Affordable Housing in Princeton, Minnesota

There are 10 low income housing apartment communities offering 243 affordable apartments for rent in Princeton, Minnesota.

Income Based Apartments in Princeton, Minnesota

Princeton features 129 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 Princeton, Minnesota

There are 114 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Princeton.

Housing Choice Vouchers in Princeton, Minnesota

On average, Section 8 Housing Choice vouchers pay Princeton landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Princeton.

The maximum amount a voucher would pay on behalf of a low-income tenant in Princeton, Minnesota for a two-bedroom apartment is between $866 and $1,058.

2022 Princeton, 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
Princeton, Minnesota Fair Market Rent $639 $731 $962 $1,367 $1,647
Princeton, Minnesota Payment Standard Range $575 to $703 $658 to $804 $866 to $1,058 $1,230 to $1,504 $1,482 to $1,812

Sourced from federal housing data and AffordableHousingOnline.com research.

Princeton, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 10
Total Low Income Apartments 243
Total Housing Units with Rental Assistance 129
Percentage of Housing Units Occupied By Renters 45.09%
Average Renter Household Size 2.07
Average Household Size 2.23
Median Household Income $37,304 ±$4,700
Median Rent $807 ±$223
Percentage Of Renters Overburdened 50.05% ± 16.76pp
Total Population 4,728

Population and Household Demographics

Princeton is a city in Mille Lacs County, Minnesota with a population of 4,728. There are 2,047 households in the city with an average household size of 2.23 persons. 45.09% of households in Princeton are renters.

Income and Rent Overburden in Princeton

The median gross income for households in Princeton is $37,304 a year, or $3,109 a month. The median rent for the city is $807 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Princeton, a household making less than $2,690 a month would be considered overburdened when renting an apartment at or above the median rent. 50.05% of households who rent are overburdened in Princeton.

Area Median Income In Princeton

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 Princeton, the AMI is calculated from all households within Mille Lacs County.

In Princeton, HUD calculates the Area Median Income for a family of four as $65,100

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 Princeton

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 Princeton

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Princeton AMI may qualify for rental assistance programs that target Extremely Low Income households.
$15,650 $17,900 $21,960 $26,500 $31,040 $35,580 $40,120 $44,660
50% AMI Income Limits
Renters earning up to 50% of the Princeton AMI may qualify for rental assistance programs that target Very Low Income households.
$26,100 $29,800 $33,550 $37,250 $40,250 $43,250 $46,200 $49,200
80% AMI Income Limits
Renters earning up to 80% of the Princeton AMI may qualify for rental assistance programs that target Low Income households.
$41,750 $47,700 $53,650 $59,600 $64,400 $69,150 $73,950 $78,700