Affordable Housing In Princeton
Mille Lacs County, Minnesota

9 Low Income Apartment Communities In Princeton

Riverside Apartments

106 4th Ave S
Princeton, MN
1-2 BR

D and G Apartments 1

805 6th Ave N
Princeton, MN
1-2 BR

D and G Apartments 2

807 6th Ave N
Princeton, MN
1-2 BR

West Birch Townhomes

602 13th Ave N
Princeton, MN
2-3 BR
Accepts Vouchers

Riverview Place N Apartments

1310 15th Ave N
Princeton, MN
1-3 BR
Accepts Vouchers

Princeton Apartments

206 4th Ave S
Princeton, MN

Targeted Home 97 - Th - 2415

Branch St And 13th Ave N
Princeton, MN
Accepts Vouchers

The Oaks Apartments

801 3rd St N
Princeton, MN

Belle Haven Townhomes

101 18th Ave N
Princeton, MN
Accepts Vouchers
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Housing Authorities that serve Princeton

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

Guide To Affordable Housing in Princeton, Minnesota

There are 9 low income housing apartment communities offering 219 affordable apartments for rent in Princeton, Minnesota. Princeton features 105 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 114 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Princeton.

Sourced from federal housing data and research.

Princeton, MN Affordable Housing Snapshot

Total Affordable Apartment Properties 9
Total Low Income Apartments 219
Total Housing Units with Rental Assistance 105
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.1

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 $64,000

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 Princeton HUD Rental Assistance in Princeton

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
Fair Market Rents in Princeton

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
$587 $684 $901 $1,297 $1,412