Income Qualifications for HUD Rental Assistance in Lake Stevens 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person 30% AMI Income Limits 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. 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. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811. Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. In Lake Stevens, HUD calculates the Area Median Income for a family of four as $146,500 For Lake Stevens, the AMI is calculated from all households within Snohomish County. 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. The AMI is calculated and published each year by HUD. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. Each household's income is compared to the incomes of all other households in the area. Area Median Income In Lake StevensĪffordable housing program eligibility is always determined by one's income. In Lake Stevens, a household making less than $4,123 a month would be considered overburdened when renting an apartment at or above the median rent.Ĥ7.46% of households who rent are overburdened in Lake Stevens. Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. The median gross income for households in Lake Stevens is $74,159 a year, or $6,180 a month. Income and Rent Overburden in Lake Stevens 28.68% of households in Lake Stevens are renters. There are 10,213 households in the city with an average household size of 2.91 persons. Lake Stevens is a city in Snohomish County, Washington with a population of 29,774. ± 8.04pp Total Population 29,774 Population and Household Demographics ±$70 Percentage Of Renters Overburdened 47.46% Total Affordable Apartment Properties 9 Total Low Income Apartments 293 Total Housing Units with Rental Assistance 164 Percentage of Housing Units Occupied By Renters 28.68% Average Renter Household Size 3.10 Average Household Size 2.91 Median Household Income $74,159 Lake Stevens, WA Affordable Housing Snapshot Sourced from federal housing data and research. 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. 2023 Lake Stevens, Washington Fair Market Rents and Housing Choice Voucher Payment Standardsįair Market Rents can be used to better understand the average housing costs of an area. The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Stevens, Washington for a two-bedroom apartment is between $2,210 and $2,701. The average voucher holder contributes $400 towards rent in Lake Stevens. On average, Section 8 Housing Choice vouchers pay Lake Stevens landlords $1,100 per month towards rent. Housing Choice Vouchers in Lake Stevens, Washington There are 129 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Stevens. Low Rent Apartments in Lake Stevens, Washington Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities. Lake Stevens features 164 income based apartments. Lake Stevens, Washington Affordable Housing Data Income Based Apartments in Lake Stevens, Washington
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