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Affordable Housing In Laurel Lake
Cumberland County, New Jersey

Housing Authorities that serve Laurel Lake

Housing Authority Programs
State of New Jersey Department of Community Affairs Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Laurel Lake, New Jersey

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Laurel Lake, New Jersey.

Income Based Apartments in Laurel Lake, New Jersey

Laurel Lake 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 Laurel Lake, New Jersey

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

Housing Choice Vouchers in Laurel Lake, New Jersey

On average, Section 8 Housing Choice vouchers pay Laurel Lake landlords $800 per month towards rent. The average voucher holder contributes $400 towards rent in Laurel Lake.

The maximum amount a voucher would pay on behalf of a low-income tenant in Laurel Lake, New Jersey for a two-bedroom apartment is between $1,133 and $1,385.

2020 Laurel Lake, New Jersey 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 $853 $960 $1,259 $1,670 $1,985
Payment Standard Range $768 to $938 $864 to $1,056 $1,133 to $1,385 $1,503 to $1,837 $1,787 to $2,184

Sourced from federal housing data and AffordableHousingOnline.com research.

Laurel Lake, NJ 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 47.08%
Average Renter Household Size 3.00
Average Household Size 2.70
Median Household Income $41,192 ±$11,991
Median Rent $1,108 ±$97
Percentage Of Renters Overburdened 68.58% ± 18.36pp
Total Population 3,193

Population and Household Demographics

Laurel Lake is a city in Cumberland County, New Jersey with a population of 3,193. There are 1,183 households in the city with an average household size of 2.70 persons. 47.08% of households in Laurel Lake are renters.

Income and Rent Overburden in Laurel Lake

The median gross income for households in Laurel Lake is $41,192 a year, or $3,433 a month. The median rent for the city is $1,108 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Laurel Lake, a household making less than $3,693 a month would be considered overburdened when renting an apartment at or above the median rent. 68.58% of households who rent are overburdened in Laurel Lake.

Area Median Income In Laurel Lake

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 Lake, the AMI is calculated from all households within Cumberland County.

In Laurel Lake, HUD calculates the Area Median Income for a family of four as $67,700

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 Lake

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 Laurel Lake

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $15,400 $17,600 $21,720 $26,200 $30,680 $35,160 $39,640 $44,120
50% of Median $25,700 $29,400 $33,050 $36,700 $39,650 $42,600 $45,550 $48,450
80% of Median $41,100 $47,000 $52,850 $58,700 $63,400 $68,100 $72,800 $77,500