Affordable Housing In Lakeway
Guide To Affordable Housing in Lakeway, Texas
There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Lakeway, Texas. Lakeway features 0 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 0 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Lakeway.
Sourced from federal housing data and AffordableHousingOnline.com research.
Lakeway, TX 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||18.14%|
|Average Renter Household Size||2.47|
|Average Household Size||2.56|
|Median Household Income||$113,672 ±$9,437|
|Median Rent||$1,683 ±$356|
|Percentage Of Renters Overburdened||40.02% ± 12.43pp|
Population and Household Demographics
Lakeway is a City in Travis County, Texas with a population of 13,212. There are 5,138 households in the city with an average household size of 2.56 persons. 18.14% of households in Lakeway are renters.
Income and Rent Overburden in Lakeway
The median gross income for households in Lakeway is $113,672 a year, or $9,473 a month. The median rent for the city is $1,683 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lakeway, a household making less than $5,610 a month would be considered overburdened when renting an apartment at or above the median rent. 40.02% of households who rent are overburdened in Lakeway.1
Area Median Income In Lakeway
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 Lakeway, the AMI is calculated from all households within Travis County.
In Lakeway, HUD calculates the Area Median Income for a family of four as $95,900
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 Lakeway
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 Lakeway HUD Rental Assistance in Lakeway
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$19,900||$22,750||$25,600||$28,400||$30,700||$34,590||$39,010||$43,430|
|50% of Median||$33,150||$37,850||$42,600||$47,300||$51,100||$54,900||$58,700||$62,450|
|80% of Median||$52,850||$60,400||$67,950||$75,500||$81,550||$87,600||$93,650||$99,700|
Fair Market Rents in Lakeway
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|