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There are 47 low-income apartments in Idaho Springs that offer reduced rents to eligible households.
Rental assistance programs support 16 low-income homes in Idaho Springs where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.
Affordable rent data for some communities last confirmed on July 2nd, 2024. Subdsidized rents typically change once a year based on federal guidance.
Idaho Springs, Colorado Affordable Housing Data
Income Based Apartments in Idaho Springs, Colorado
Idaho Springs features 16 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 Idaho Springs, Colorado
There are 47 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Idaho Springs.
Housing Choice Vouchers in Idaho Springs, Colorado
On average, Section 8 Housing Choice vouchers pay Idaho Springs landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Idaho Springs.
The maximum amount a voucher would pay on behalf of a low-income tenant in Idaho Springs, Colorado for a two-bedroom apartment is between $1,981 and $2,421.
2024 Idaho Springs, Colorado 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 | |
|---|---|---|---|---|---|
| Idaho Springs, Colorado Fair Market Rent | $1,658 | $1,835 | $2,201 | $2,874 | $3,225 |
| Idaho Springs, Colorado Payment Standard Range | $1,492 to $1,824 | $1,652 to $2,019 | $1,981 to $2,421 | $2,587 to $3,161 | $2,903 to $3,548 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Idaho Springs, CO Affordable Housing Snapshot
| Total Affordable Apartment Properties | 4 |
|---|---|
| Total Low Income Apartments | 65 |
| Total Housing Units with Rental Assistance | 16 |
| Percentage of Housing Units Occupied By Renters | 41.69% |
| Average Renter Household Size | 2.11 |
| Average Household Size | 2.11 |
| Median Household Income | $46,480 ±$9,271 |
| Median Rent | $818 ±$70 |
| Percentage Of Renters Overburdened | 48.98% ± 16.75pp |
| Total Population | 1,996 |
Population and Household Demographics
Idaho Springs is a city in Clear Creek County, Colorado with a population of 1,996. There are 945 households in the city with an average household size of 2.11 persons. 41.69% of households in Idaho Springs are renters.
Income and Rent Overburden in Idaho Springs
The median gross income for households in Idaho Springs is $46,480 a year, or $3,873 a month. The median rent for the city is $818 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Idaho Springs, a household making less than $2,727 a month would be considered overburdened when renting an apartment at or above the median rent. 48.98% of households who rent are overburdened in Idaho Springs.
Area Median Income In Idaho Springs
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 Idaho Springs, the AMI is calculated from all households within Clear Creek County.
In Idaho Springs, HUD calculates the Area Median Income for a family of four as $125,500
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 Idaho Springs
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 Idaho Springs
| 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 Idaho Springs AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$26,100 | $29,800 | $33,550 | $37,250 | $40,250 | $43,250 | $46,200 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Idaho Springs AMI may qualify for rental assistance programs that target Very Low Income households. |
$43,450 | $49,650 | $55,850 | $62,050 | $67,050 | $72,000 | $76,950 | $81,950 |
| 80% AMI Income Limits Renters earning up to 80% of the Idaho Springs AMI may qualify for rental assistance programs that target Low Income households. |
$66,300 | $75,750 | $85,200 | $94,650 | $102,250 | $109,800 | $117,400 | $124,950 |
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