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There are 2,675 low-income apartments in Indian River County that offer reduced rents to eligible households. Low-income rents in Indian River County, Florida can range from $603 to $762 depending on the number of bedrooms.
Rental assistance programs support 677 low-income homes in Indian River County where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $336 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 Indian River County, 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 |
|---|---|
| Indian River County Rental Assistance | Section 8 Housing Choice Voucher (HCV); Veteran Affairs Supportive Housing (VASH) |
Indian River County, Florida Affordable Housing Data
Income Based Apartments in Indian River County, Florida
Indian River County features 677 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 Indian River County, Florida
There are 2,675 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Indian River County.
Housing Choice Vouchers in Indian River County, Florida
On average, Section 8 Housing Choice vouchers pay Indian River County landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Indian River County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Indian River County, Florida for a two-bedroom apartment is between $1,316 and $1,608.
2024 Indian River County, 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 | |
|---|---|---|---|---|---|
| Indian River County, Florida Fair Market Rent | $991 | $1,195 | $1,462 | $1,844 | $2,481 |
| Indian River County, Florida Payment Standard Range | $892 to $1,090 | $1,076 to $1,315 | $1,316 to $1,608 | $1,660 to $2,028 | $2,233 to $2,729 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Indian River County, FL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 40 |
|---|---|
| Total Low Income Apartments | 3,366 |
| Total Housing Units with Rental Assistance | 677 |
| Percentage of Housing Units Occupied By Renters | 25.35% |
| Average Renter Household Size | 2.50 |
| Average Household Size | 2.44 |
| Median Household Income | $45,798 ±$1,567 |
| Median Rent | $860 ±$21 |
| Percentage Of Renters Overburdened | 54.9% ± 3.26pp |
| Total Population | 142,866 |
Population and Household Demographics
Indian River County is a county in Florida with a population of 142,866. There are 57,825 households in the county with an average household size of 2.44 persons. 25.35% of households in Indian River County are renters.
Income and Rent Overburden in Indian River County
The median gross income for households in Indian River County is $45,798 a year, or $3,817 a month. The median rent for the county is $860 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Indian River County, a household making less than $2,867 a month would be considered overburdened when renting an apartment at or above the median rent. 54.9% of households who rent are overburdened in Indian River County.
Area Median Income In Indian River County
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.
In Indian River County, HUD calculates the Area Median Income for a family of four as $79,200
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 Indian River County
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 Indian River County
| 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 Indian River County AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$16,650 | $19,720 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Indian River County AMI may qualify for rental assistance programs that target Very Low Income households. |
$27,750 | $31,700 | $35,650 | $39,600 | $42,800 | $45,950 | $49,150 | $52,300 |
| 80% AMI Income Limits Renters earning up to 80% of the Indian River County AMI may qualify for rental assistance programs that target Low Income households. |
$44,350 | $50,700 | $57,050 | $63,350 | $68,450 | $73,500 | $78,600 | $83,650 |
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