Affordable Housing In Stevens Point
10 Low Income Apartment Communities In Stevens Point
Housing Authorities that serve Stevens Point
|Stevens Point Housing Authority||Public Housing|
|Portage County Housing Authority||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Stevens Point, Wisconsin
There are 10 low income housing apartment communities offering 459 affordable apartments for rent in Stevens Point, Wisconsin.
Income Based Apartments in Stevens Point, Wisconsin
Stevens Point features 361 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 Stevens Point, Wisconsin
There are 96 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Stevens Point.
Housing Choice Vouchers in Stevens Point, Wisconsin
On average, Section 8 Housing Choice vouchers pay Stevens Point landlords $300 per month towards rent. The average voucher holder contributes $300 towards rent in Stevens Point.
The maximum amount a voucher would pay on behalf of a low-income tenant in Stevens Point, Wisconsin for a two-bedroom apartment is between $704 and $860.
2021 Stevens Point, Wisconsin 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||$566||$617||$782||$1,008||$1,192|
|Payment Standard Range||$509 to $623||$555 to $679||$704 to $860||$907 to $1,109||$1,073 to $1,311|
Sourced from federal housing data and AffordableHousingOnline.com research.
Stevens Point, WI Affordable Housing Snapshot
|Total Affordable Apartment Properties||10|
|Total Low Income Apartments||459|
|Total Housing Units with Rental Assistance||361|
|Percentage of Housing Units Occupied By Renters||49.72%|
|Average Renter Household Size||2.15|
|Average Household Size||2.28|
|Median Household Income||$41,312 ±$3,275|
|Median Rent||$655 ±$25|
|Percentage Of Renters Overburdened||52.61% ± 4.93pp|
Population and Household Demographics
Stevens Point is a city in Portage County, Wisconsin with a population of 26,769. There are 10,295 households in the city with an average household size of 2.28 persons. 49.72% of households in Stevens Point are renters.
Income and Rent Overburden in Stevens Point
The median gross income for households in Stevens Point is $41,312 a year, or $3,443 a month. The median rent for the city is $655 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Stevens Point, a household making less than $2,183 a month would be considered overburdened when renting an apartment at or above the median rent. 52.61% of households who rent are overburdened in Stevens Point.
Area Median Income In Stevens Point
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 Stevens Point, the AMI is calculated from all households within Portage County.
In Stevens Point, HUD calculates the Area Median Income for a family of four as $79,100
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 Stevens Point
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 Stevens Point
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$16,500||$18,850||$21,720||$26,200||$30,680||$35,160||$39,640||$44,120|
|50% of Median||$27,500||$31,400||$35,350||$39,250||$42,400||$45,550||$48,700||$51,850|
|80% of Median||$44,000||$50,250||$56,550||$62,800||$67,850||$72,850||$77,900||$82,900|