H. Lakes
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There are 0 low-income apartments in Hoyt Lakes that offer reduced rents to eligible households.
Rental assistance programs support 24 low-income homes in Hoyt Lakes where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $323 towards rent each month.
Affordable rent data for some communities last confirmed on October 9th, 2019. Subdsidized rents typically change once a year based on federal guidance.
Hoyt Lakes, Minnesota Affordable Housing Data
Income Based Apartments in Hoyt Lakes, Minnesota
Hoyt Lakes features 24 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 Hoyt Lakes, Minnesota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hoyt Lakes.
Housing Choice Vouchers in Hoyt Lakes, Minnesota
On average, Section 8 Housing Choice vouchers pay Hoyt Lakes landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Hoyt Lakes.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hoyt Lakes, Minnesota for a two-bedroom apartment is between $1,002 and $1,224.
2024 Hoyt Lakes, Minnesota 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 | |
|---|---|---|---|---|---|
| Hoyt Lakes, Minnesota Fair Market Rent | $762 | $868 | $1,113 | $1,485 | $1,889 |
| Hoyt Lakes, Minnesota Payment Standard Range | $686 to $838 | $781 to $955 | $1,002 to $1,224 | $1,337 to $1,634 | $1,700 to $2,078 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Hoyt Lakes, MN Affordable Housing Snapshot
| Total Affordable Apartment Properties | 1 |
|---|---|
| Total Low Income Apartments | 24 |
| Total Housing Units with Rental Assistance | 24 |
| Percentage of Housing Units Occupied By Renters | 12.51% |
| Average Renter Household Size | 3.18 |
| Average Household Size | 2.28 |
| Median Household Income | $47,939 ±$3,269 |
| Median Rent | $771 ±$65 |
| Percentage Of Renters Overburdened | 15.45% ± 17.97pp |
| Total Population | 2,002 |
Population and Household Demographics
Hoyt Lakes is a city in St Louis County, Minnesota with a population of 2,002. There are 879 households in the city with an average household size of 2.28 persons. 12.51% of households in Hoyt Lakes are renters.
Income and Rent Overburden in Hoyt Lakes
The median gross income for households in Hoyt Lakes is $47,939 a year, or $3,995 a month. The median rent for the city is $771 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hoyt Lakes, a household making less than $2,570 a month would be considered overburdened when renting an apartment at or above the median rent. 15.45% of households who rent are overburdened in Hoyt Lakes.
Area Median Income In Hoyt Lakes
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 Hoyt Lakes, the AMI is calculated from all households within St Louis County.
In Hoyt Lakes, HUD calculates the Area Median Income for a family of four as $93,500
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 Hoyt Lakes
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 Hoyt Lakes
| 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 Hoyt Lakes AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$19,000 | $21,700 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Hoyt Lakes AMI may qualify for rental assistance programs that target Very Low Income households. |
$31,650 | $36,150 | $40,650 | $45,150 | $48,800 | $52,400 | $56,000 | $59,600 |
| 80% AMI Income Limits Renters earning up to 80% of the Hoyt Lakes AMI may qualify for rental assistance programs that target Low Income households. |
$50,600 | $57,800 | $65,050 | $72,250 | $78,050 | $83,850 | $89,600 | $95,400 |
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