Panasoffkee
Panasoffkee Apartments II
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There are 0 low-income apartments in Lake Panasoffkee that offer reduced rents to eligible households.
Rental assistance programs support 72 low-income homes in Lake Panasoffkee where households pay rent based on how much they earn.
Affordable rent data for some communities last confirmed on July 2nd, 2024. Subdsidized rents typically change once a year based on federal guidance.
Lake Panasoffkee, Florida Affordable Housing Data
Income Based Apartments in Lake Panasoffkee, Florida
Lake Panasoffkee 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 Lake Panasoffkee, Florida
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Panasoffkee.
Housing Choice Vouchers in Lake Panasoffkee, Florida
On average, Section 8 Housing Choice vouchers pay Lake Panasoffkee landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Panasoffkee.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Panasoffkee, Florida for a two-bedroom apartment is between $1,125 and $1,375.
2024 Lake Panasoffkee, 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 | |
|---|---|---|---|---|---|
| Lake Panasoffkee, Florida Fair Market Rent | $945 | $951 | $1,250 | $1,572 | $1,665 |
| Lake Panasoffkee, Florida Payment Standard Range | $851 to $1,040 | $856 to $1,046 | $1,125 to $1,375 | $1,415 to $1,729 | $1,499 to $1,832 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Lake Panasoffkee, FL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 3 |
|---|---|
| Total Low Income Apartments | 73 |
| Total Housing Units with Rental Assistance | 72 |
| Percentage of Housing Units Occupied By Renters | 22.09% |
| Average Renter Household Size | 2.26 |
| Average Household Size | 2.26 |
| Median Household Income | $35,909 ±$4,770 |
| Median Rent | $549 ±$215 |
| Percentage Of Renters Overburdened | 53.56% ± 18.86pp |
| Total Population | 3,311 |
Population and Household Demographics
Lake Panasoffkee is a city in Sumter County, Florida with a population of 3,311. There are 1,462 households in the city with an average household size of 2.26 persons. 22.09% of households in Lake Panasoffkee are renters.
Income and Rent Overburden in Lake Panasoffkee
The median gross income for households in Lake Panasoffkee is $35,909 a year, or $2,992 a month. The median rent for the city is $549 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake Panasoffkee, a household making less than $1,830 a month would be considered overburdened when renting an apartment at or above the median rent. 53.56% of households who rent are overburdened in Lake Panasoffkee.
Area Median Income In Lake Panasoffkee
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 Lake Panasoffkee, the AMI is calculated from all households within Sumter County.
In Lake Panasoffkee, HUD calculates the Area Median Income for a family of four as $90,400
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 Lake Panasoffkee
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 Lake Panasoffkee
| 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 Lake Panasoffkee AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$16,750 | $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 Lake Panasoffkee AMI may qualify for rental assistance programs that target Very Low Income households. |
$27,900 | $31,900 | $35,900 | $39,850 | $43,050 | $46,250 | $49,450 | $52,650 |
| 80% AMI Income Limits Renters earning up to 80% of the Lake Panasoffkee AMI may qualify for rental assistance programs that target Low Income households. |
$44,650 | $51,000 | $57,400 | $63,750 | $68,850 | $73,950 | $79,050 | $84,150 |
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