Affordable Housing In Peach Lake
Housing Authorities that serve Peach Lake
|Putnam County Housing Corporation||-|
Guide To Affordable Housing in Peach Lake, New York
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Peach Lake, New York.
Income Based Apartments in Peach Lake, New York
Peach 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 Peach Lake, New York
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Peach Lake.
Housing Choice Vouchers in Peach Lake, New York
On average, Section 8 Housing Choice vouchers pay Peach Lake landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Peach Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Peach Lake, New York for a two-bedroom apartment is between $1,848 and $2,258.
2021 Peach Lake, New York 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|
|Peach Lake, New York Fair Market Rent||$1,760||$1,801||$2,053||$2,598||$2,784|
|Peach Lake, New York Payment Standard Range||$1,584 to $1,936||$1,621 to $1,981||$1,848 to $2,258||$2,338 to $2,858||$2,506 to $3,062|
Sourced from federal housing data and AffordableHousingOnline.com research.
Peach Lake, NY 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||8.78%|
|Average Renter Household Size||2.98|
|Average Household Size||2.61|
|Median Household Income||$113,375 ±$17,758|
|Median Rent||$2,342 ±$809|
|Percentage Of Renters Overburdened||56.25% ± 43.31pp|
Population and Household Demographics
Peach Lake is a city in Putnam County, New York with a population of 1,428. There are 547 households in the city with an average household size of 2.61 persons. 8.78% of households in Peach Lake are renters.
Income and Rent Overburden in Peach Lake
The median gross income for households in Peach Lake is $113,375 a year, or $9,448 a month. The median rent for the city is $2,342 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Peach Lake, a household making less than $7,807 a month would be considered overburdened when renting an apartment at or above the median rent. 56.25% of households who rent are overburdened in Peach Lake.
Area Median Income In Peach 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 Peach Lake, the AMI is calculated from all households within Putnam County.
In Peach Lake, HUD calculates the Area Median Income for a family of four as $78,700
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 Peach 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 Peach Lake
|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 Peach Lake AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Peach Lake AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Peach Lake AMI may qualify for rental assistance programs that target Low Income households.