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Affordable Housing In Prairie Home
Cooper County, Missouri

Guide To Affordable Housing in Prairie Home, Missouri

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Prairie Home, Missouri.

Income Based Apartments in Prairie Home, Missouri

Prairie Home 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 Prairie Home, Missouri

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

Housing Choice Vouchers in Prairie Home, Missouri

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Prairie Home, Missouri for a two-bedroom apartment is between $571 and $697.

2020 Prairie Home, Missouri 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 $426 $483 $634 $877 $936
Payment Standard Range $383 to $469 $435 to $531 $571 to $697 $789 to $965 $842 to $1,030

Sourced from federal housing data and research.

Prairie Home, MO 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 34.09%
Average Renter Household Size 2.22
Average Household Size 2.48
Median Household Income $39,063 ±$7,299
Median Rent $730 ±$72
Percentage Of Renters Overburdened 13.33% ± 44.72pp
Total Population 328

Population and Household Demographics

Prairie Home is a city in Cooper County, Missouri with a population of 328. There are 132 households in the city with an average household size of 2.48 persons. 34.09% of households in Prairie Home are renters.

Income and Rent Overburden in Prairie Home

The median gross income for households in Prairie Home is $39,063 a year, or $3,255 a month. The median rent for the city is $730 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Prairie Home, a household making less than $2,433 a month would be considered overburdened when renting an apartment at or above the median rent. 13.33% of households who rent are overburdened in Prairie Home.

Area Median Income In Prairie Home

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 Prairie Home, the AMI is calculated from all households within Cooper County.

In Prairie Home, HUD calculates the Area Median Income for a family of four as $67,100

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 Prairie Home

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 Prairie Home

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $14,150 $17,240 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $23,500 $26,850 $30,200 $33,550 $36,250 $38,950 $41,650 $44,300
80% of Median $37,600 $43,000 $48,350 $53,700 $58,000 $62,300 $66,600 $70,900