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There are 64 low-income apartments in Cape Coral that offer reduced rents to eligible households. Low-income rents in Cape Coral, Florida can range from $616 to $742 depending on the number of bedrooms.
Rental assistance programs support 22 low-income homes in Cape Coral where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $408 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.
Public Housing Agencies Serving Cape Coral, Florida
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.
| Housing Authority | Programs |
|---|---|
| Lee County Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing |
| Housing Authority of the City of Fort Myers | Section 8 Housing Choice Voucher (HCV); Public Housing; Homeownership Voucher; Family Self-Sufficiency; Veteran Affairs Supportive Housing (VASH) |
Cape Coral, Florida Affordable Housing Data
Income Based Apartments in Cape Coral, Florida
Cape Coral features 22 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 Cape Coral, Florida
There are 64 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Cape Coral.
Housing Choice Vouchers in Cape Coral, Florida
On average, Section 8 Housing Choice vouchers pay Cape Coral landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in Cape Coral.
The maximum amount a voucher would pay on behalf of a low-income tenant in Cape Coral, Florida for a two-bedroom apartment is between $1,509 and $1,845.
2024 Cape Coral, Florida 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 | |
|---|---|---|---|---|---|
| Cape Coral, Florida Fair Market Rent | $1,329 | $1,331 | $1,677 | $2,198 | $2,499 |
| Cape Coral, Florida Payment Standard Range | $1,196 to $1,462 | $1,198 to $1,464 | $1,509 to $1,845 | $1,978 to $2,418 | $2,249 to $2,749 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Cape Coral, FL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 144 |
|---|---|
| Total Low Income Apartments | 290 |
| Total Housing Units with Rental Assistance | 22 |
| Percentage of Housing Units Occupied By Renters | 31.6% |
| Average Renter Household Size | 3.08 |
| Average Household Size | 2.80 |
| Median Household Income | $50,536 ±$1,100 |
| Median Rent | $1,065 ±$21 |
| Percentage Of Renters Overburdened | 50.93% ± 3.36pp |
| Total Population | 165,843 |
Population and Household Demographics
Cape Coral is a city in Lee County, Florida with a population of 165,843. There are 58,967 households in the city with an average household size of 2.80 persons. 31.6% of households in Cape Coral are renters.
Income and Rent Overburden in Cape Coral
The median gross income for households in Cape Coral is $50,536 a year, or $4,211 a month. The median rent for the city is $1,065 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cape Coral, a household making less than $3,550 a month would be considered overburdened when renting an apartment at or above the median rent. 50.93% of households who rent are overburdened in Cape Coral.
Area Median Income In Cape Coral
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 Cape Coral, the AMI is calculated from all households within Lee County.
In Cape Coral, HUD calculates the Area Median Income for a family of four as $85,900
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 Cape Coral
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 Cape Coral
| 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 Cape Coral AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$17,900 | $20,450 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Cape Coral AMI may qualify for rental assistance programs that target Very Low Income households. |
$29,800 | $34,050 | $38,300 | $42,550 | $46,000 | $49,400 | $52,800 | $56,200 |
| 80% AMI Income Limits Renters earning up to 80% of the Cape Coral AMI may qualify for rental assistance programs that target Low Income households. |
$47,700 | $54,500 | $61,300 | $68,100 | $73,550 | $79,000 | $84,450 | $89,900 |
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