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There are 35 low-income apartments in Park Rapids that offer reduced rents to eligible households.
Rental assistance programs support 271 low-income homes in Park Rapids where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $341 towards rent each month.
Affordable rent data for some communities last confirmed on June 25th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Park Rapids, Minnesota
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 |
|---|---|
| Housing and Redevelopment Authority of Park Rapids | Public Housing |
Park Rapids, Minnesota Affordable Housing Data
Income Based Apartments in Park Rapids, Minnesota
Park Rapids features 271 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 Park Rapids, Minnesota
There are 35 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Park Rapids.
Housing Choice Vouchers in Park Rapids, Minnesota
On average, Section 8 Housing Choice vouchers pay Park Rapids landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Park Rapids.
The maximum amount a voucher would pay on behalf of a low-income tenant in Park Rapids, Minnesota for a two-bedroom apartment is between $887 and $1,084.
2024 Park Rapids, 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 | |
|---|---|---|---|---|---|
| Park Rapids, Minnesota Fair Market Rent | $668 | $750 | $985 | $1,273 | $1,544 |
| Park Rapids, Minnesota Payment Standard Range | $601 to $735 | $675 to $825 | $887 to $1,084 | $1,146 to $1,400 | $1,390 to $1,698 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Park Rapids, MN Affordable Housing Snapshot
| Total Affordable Apartment Properties | 10 |
|---|---|
| Total Low Income Apartments | 307 |
| Total Housing Units with Rental Assistance | 271 |
| Percentage of Housing Units Occupied By Renters | 49.18% |
| Average Renter Household Size | 1.84 |
| Average Household Size | 2.12 |
| Median Household Income | $33,822 ±$4,880 |
| Median Rent | $502 ±$42 |
| Percentage Of Renters Overburdened | 37.83% ± 10.62pp |
| Total Population | 3,907 |
Population and Household Demographics
Park Rapids is a city in Hubbard County, Minnesota with a population of 3,907. There are 1,779 households in the city with an average household size of 2.12 persons. 49.18% of households in Park Rapids are renters.
Income and Rent Overburden in Park Rapids
The median gross income for households in Park Rapids is $33,822 a year, or $2,819 a month. The median rent for the city is $502 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Park Rapids, a household making less than $1,673 a month would be considered overburdened when renting an apartment at or above the median rent. 37.83% of households who rent are overburdened in Park Rapids.
Area Median Income In Park Rapids
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 Park Rapids, the AMI is calculated from all households within Hubbard County.
In Park Rapids, HUD calculates the Area Median Income for a family of four as $84,500
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 Park Rapids
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 Park Rapids
| 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 Park Rapids AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$18,550 | $21,200 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Park Rapids AMI may qualify for rental assistance programs that target Very Low Income households. |
$30,900 | $35,300 | $39,700 | $44,100 | $47,650 | $51,200 | $54,700 | $58,250 |
| 80% AMI Income Limits Renters earning up to 80% of the Park Rapids AMI may qualify for rental assistance programs that target Low Income households. |
$49,400 | $56,450 | $63,500 | $70,550 | $76,200 | $81,850 | $87,500 | $93,150 |
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