Affordable Housing In Laurel
Yellowstone County, Montana

5 Low Income Apartment Communities In Laurel

Frontier Laurel

707 W Main St
Laurel, MT
1 BR
62+
Accessible

Laurel Gardens

313 S 8th Ave
Laurel, MT
Subsidized

Spruce Grove II

712 8th Ave
Laurel, MT

Laurel Apartments

421 Yellowstone Ave
Laurel, MT
Subsidized

Meadowoods Apartments - Laurel

315 E Maryland Ln
Laurel, MT
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Guide To Affordable Housing in Laurel, Montana

According to federal housing data and AffordableHousingOnline.com research, there are 5 low income housing apartment communities offering 140 affordable apartments for rent in Laurel, Montana. Laurel features 54 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 86 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Laurel.

Laurel, MT Affordable Housing Snapshot

Total Affordable Apartment Properties 5
Total Low Income Apartments 140
Total Housing Units with Rental Assistance 54
Percentage of Housing Units Occupied By Renters 29.88%
Average Renter Household Size 2.02
Average Household Size 2.43
Median Household Income $50,143 ±$6,015
Median Rent $675 ±$80
Percentage Of Renters Overburdened 35.07% ± 11.9pp
Total Population 6,933

Population and Household Demographics

Laurel is a City in Yellowstone County, Montana with a population of 6,933. There are 2,825 households in the city with an average household size of 2.43 persons. 29.88% of households in Laurel are renters.

Income and Rent Overburden in Laurel

The median gross income for households in Laurel is $50,143 a year, or $4,179 a month. The median rent for the city is $675 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Laurel, a household making less than $2,250 a month would be considered overburdened when renting an apartment at or above the median rent. 35.07% of households who rent are overburdened in Laurel.1

Area Median Income In Laurel

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 Laurel, the AMI is calculated from all households within Yellowstone County.

In Laurel, HUD calculates the Area Median Income for a family of four as $79,200

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 Laurel

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 Laurel HUD Rental Assistance in Laurel

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $16,450 $18,800 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $27,450 $31,350 $35,250 $39,150 $42,300 $45,450 $48,550 $51,700
80% of Median $43,900 $50,150 $56,400 $62,650 $67,700 $72,700 $77,700 $82,700
Low Income Housing Tax Credits in Laurel

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 2004 to 2004, 1 low income apartment communities containing 39 rental apartments have been constructed and made affordable to low income persons in Laurel by the Low Income Housing Tax Credit Program.

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 Laurel

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $27,450 $31,350 $35,250 $39,150 $42,300 $45,450 $48,550 $51,700
60% of Median $32,940 $37,620 $42,300 $46,980 $50,760 $54,540 $58,260 $62,040

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 Laurel is $42,300 a year, or $3,525 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,525 by 30% to get a maximum rent of $1,058 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% $686 $735 $881 $1,018 $1,136 $1,253
60% $824 $882 $1,058 $1,222 $1,364 $1,504
Fair Market Rents in Laurel

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
$579 $675 $889 $1,250 $1,514