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There are 261 low-income apartments in Silver Springs that offer reduced rents to eligible households.
Rental assistance programs support 0 low-income homes in Silver Springs where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $406 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 Silver Springs, 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 |
|---|---|
| Ocala Housing Authority | Section 8 Housing Choice Voucher (HCV); Public Housing; Homeownership Voucher; Public Housing Homeownership; Family Self-Sufficiency; Veteran Affairs Supportive Housing (VASH); Homeownership |
Silver Springs, Florida Affordable Housing Data
Income Based Apartments in Silver Springs, Florida
Silver Springs features 0 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 Silver Springs, Florida
There are 261 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Silver Springs.
Housing Choice Vouchers in Silver Springs, Florida
On average, Section 8 Housing Choice vouchers pay Silver Springs landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Silver Springs.
The maximum amount a voucher would pay on behalf of a low-income tenant in Silver Springs, Florida for a two-bedroom apartment is between $1,139 and $1,393.
2024 Silver Springs, 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 | |
|---|---|---|---|---|---|
| Silver Springs, Florida Fair Market Rent | $949 | $1,043 | $1,266 | $1,619 | $1,768 |
| Silver Springs, Florida Payment Standard Range | $854 to $1,044 | $939 to $1,147 | $1,139 to $1,393 | $1,457 to $1,781 | $1,591 to $1,945 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Silver Springs, FL Affordable Housing Snapshot
| Total Affordable Apartment Properties | 2 |
|---|---|
| Total Low Income Apartments | 262 |
| Total Housing Units with Rental Assistance | 0 |
| Percentage of Housing Units Occupied By Renters | 34.75% |
| Average Renter Household Size | 3.16 |
| Average Household Size | 2.62 |
| Median Household Income | $27,682 ±$4,260 |
| Median Rent | $900 ±$192 |
| Percentage Of Renters Overburdened | 51.65% ± 17.56pp |
| Total Population | 7,809 |
Population and Household Demographics
Silver Springs is a city in Marion County, Florida with a population of 7,809. There are 2,964 households in the city with an average household size of 2.62 persons. 34.75% of households in Silver Springs are renters.
Income and Rent Overburden in Silver Springs
The median gross income for households in Silver Springs is $27,682 a year, or $2,307 a month. The median rent for the city is $900 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Silver Springs, a household making less than $3,000 a month would be considered overburdened when renting an apartment at or above the median rent. 51.65% of households who rent are overburdened in Silver Springs.
Area Median Income In Silver 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 Silver Springs, the AMI is calculated from all households within Marion County.
In Silver Springs, HUD calculates the Area Median Income for a family of four as $71,700
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 Silver 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 Silver 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 Silver Springs AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$14,580 | $19,720 | $24,860 | $30,000 | $35,140 | $38,200 | $40,800 | $43,450 |
| 50% AMI Income Limits Renters earning up to 50% of the Silver Springs AMI may qualify for rental assistance programs that target Very Low Income households. |
$23,050 | $26,350 | $29,650 | $32,900 | $35,550 | $38,200 | $40,800 | $43,450 |
| 80% AMI Income Limits Renters earning up to 80% of the Silver Springs AMI may qualify for rental assistance programs that target Low Income households. |
$36,900 | $42,150 | $47,400 | $52,650 | $56,900 | $61,100 | $65,300 | $69,500 |
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