Lakewood Villas of Lady Lake, Ltd
Lake North II
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There are 280 low-income apartments in Lady Lake that offer reduced rents to eligible households.
Rental assistance programs support 72 low-income homes in Lady Lake where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $352 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 Lady Lake, 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 |
|---|---|
| Lake County Housing Agency | Section 8 Housing Choice Voucher (HCV) |
Lady Lake, Florida Affordable Housing Data
Income Based Apartments in Lady Lake, Florida
Lady Lake features 72 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 Lady Lake, Florida
There are 280 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lady Lake.
Housing Choice Vouchers in Lady Lake, Florida
On average, Section 8 Housing Choice vouchers pay Lady Lake landlords $900 per month towards rent. The average voucher holder contributes $400 towards rent in Lady Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lady Lake, Florida for a two-bedroom apartment is between $1,671 and $2,043.
2024 Lady Lake, 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 | |
|---|---|---|---|---|---|
| Lady Lake, Florida Fair Market Rent | $1,558 | $1,638 | $1,857 | $2,362 | $2,849 |
| Lady Lake, Florida Payment Standard Range | $1,402 to $1,714 | $1,474 to $1,802 | $1,671 to $2,043 | $2,126 to $2,598 | $2,564 to $3,134 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Lady Lake, FL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 13 |
|---|---|
| Total Low Income Apartments | 361 |
| Total Housing Units with Rental Assistance | 72 |
| Percentage of Housing Units Occupied By Renters | 32.74% |
| Average Renter Household Size | 2.12 |
| Average Household Size | 2.04 |
| Median Household Income | $39,185 ±$2,435 |
| Median Rent | $898 ±$47 |
| Percentage Of Renters Overburdened | 64.95% ± 12.72pp |
| Total Population | 14,312 |
Population and Household Demographics
Lady Lake is a city in Lake County, Florida with a population of 14,312. There are 6,936 households in the city with an average household size of 2.04 persons. 32.74% of households in Lady Lake are renters.
Income and Rent Overburden in Lady Lake
The median gross income for households in Lady Lake is $39,185 a year, or $3,265 a month. The median rent for the city is $898 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lady Lake, a household making less than $2,993 a month would be considered overburdened when renting an apartment at or above the median rent. 64.95% of households who rent are overburdened in Lady Lake.
Area Median Income In Lady Lake
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 Lady Lake, the AMI is calculated from all households within Lake County.
In Lady Lake, HUD calculates the Area Median Income for a family of four as $85,700
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 Lady Lake
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 Lady Lake
| 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 Lady Lake AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$18,450 | $21,100 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Lady Lake AMI may qualify for rental assistance programs that target Very Low Income households. |
$30,750 | $35,150 | $39,550 | $43,900 | $47,450 | $50,950 | $54,450 | $57,950 |
| 80% AMI Income Limits Renters earning up to 80% of the Lady Lake AMI may qualify for rental assistance programs that target Low Income households. |
$49,150 | $56,200 | $63,200 | $70,200 | $75,850 | $81,450 | $87,050 | $92,700 |
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