What HUD offices serve Bonney Lake, Washington?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Washington Public Housing and Low-Income Apartments Waiting Lists page for openings near Bonney Lake.
How many renters live in Bonney Lake, Washington?
The City of Bonney Lake has 22,590 people living in 7,800 households.
There are 4,307 renters living in 1,606 renter households in this City. Renters make up 19.07 percent of the population living in Bonney Lake.
What is the rental market like in Bonney Lake, Washington?
There are an estimated 7,990 housing units in the Bonney Lake area. Of these, 1,660 units are rental homes, making up 21 percent of the housing market. For every renter household in Bonney Lake, Washington, there are 1 rental units.
What is the vacancy rate for rentals in Bonney Lake?
The rental vacancy rate in Bonney Lake is 3 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Bonney Lake for each bedroom size?
Occupied Rental Units by Size in Bonney Lake
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 13 | 269 | 482 | 619 | 159 |
Occupied Rental Units by Size in Bonney Lake
A large number of apartments in Bonney Lake have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Bonney Lake are overburdened by housing costs?
Among renter households in this market, 42 percent have housing cost burden. Further, 20 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Bonney Lake
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,430 to $3,236. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,430 |
| One BR | $1,603 |
| Two BR | $1,987 |
| Three BR | $2,800 |
| Four BR | $3,236 |
2024 Fair Market Rents in Bonney Lake, Washington
How many units are rented at Fair Market Rent (FMR) in Bonney Lake?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 0 | 100 percent |
| One BR | 55 | 20 percent |
| Two BR | 293 | 61 percent |
Rental Units Below FMR in Bonney Lake, Washington
How many affordable rental units are in Bonney Lake?
There are a variety of federal affordable housing programs serving households in Bonney Lake, Washington including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 432 |
Tracked Units by Federal Program in Bonney Lake, Washington
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Bonney Lake, Washington
Bonney 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 Bonney Lake, Washington
There are 555 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Bonney Lake.
Housing Choice Vouchers in Bonney Lake, Washington
On average, Section 8 Housing Choice vouchers pay Bonney Lake landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Bonney Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Bonney Lake, Washington for a two-bedroom apartment is between $1,788 and $2,186.
Sourced from federal housing data and AffordableHousingOnline.com research.
