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There are 15 low-income apartments in Cole County that offer reduced rents to eligible households.
Rental assistance programs support 84 low-income homes in Cole County where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $294 towards rent each month.
Affordable rent data for some communities last confirmed on June 7th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Cole County, Missouri Affordable Housing Data
Income Based Apartments in Cole County, Missouri
Cole County features 84 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 Cole County, Missouri
There are 15 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Cole County.
Housing Choice Vouchers in Cole County, Missouri
On average, Section 8 Housing Choice vouchers pay Cole County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Cole County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Cole County, Missouri for a two-bedroom apartment is between $742 and $906.
2024 Cole County, Missouri 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 | |
|---|---|---|---|---|---|
| Cole County, Missouri Fair Market Rent | $646 | $650 | $824 | $1,161 | $1,207 |
| Cole County, Missouri Payment Standard Range | $581 to $711 | $585 to $715 | $742 to $906 | $1,045 to $1,277 | $1,086 to $1,328 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Cole County, MO Affordable Housing Snapshot
| Total Affordable Apartment Properties | 6 |
|---|---|
| Total Low Income Apartments | 99 |
| Total Housing Units with Rental Assistance | 84 |
| Percentage of Housing Units Occupied By Renters | 32.35% |
| Average Renter Household Size | 2.17 |
| Average Household Size | 2.44 |
| Median Household Income | $53,088 ±$2,136 |
| Median Rent | $611 ±$18 |
| Percentage Of Renters Overburdened | 34.33% ± 4.03pp |
| Total Population | 76,533 |
Population and Household Demographics
Cole County is a county in Missouri with a population of 76,533. There are 29,448 households in the county with an average household size of 2.44 persons. 32.35% of households in Cole County are renters.
Income and Rent Overburden in Cole County
The median gross income for households in Cole County is $53,088 a year, or $4,424 a month. The median rent for the county is $611 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Cole County, a household making less than $2,037 a month would be considered overburdened when renting an apartment at or above the median rent. 34.33% of households who rent are overburdened in Cole County.
Area Median Income In Cole County
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.
In Cole County, HUD calculates the Area Median Income for a family of four as $92,300
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 Cole County
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 Cole County
| 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 Cole County AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$18,400 | $21,000 | $24,860 | $30,000 | $35,140 | $40,280 | $45,420 | $50,560 |
| 50% AMI Income Limits Renters earning up to 50% of the Cole County AMI may qualify for rental assistance programs that target Very Low Income households. |
$30,650 | $35,000 | $39,400 | $43,750 | $47,250 | $50,750 | $54,250 | $57,750 |
| 80% AMI Income Limits Renters earning up to 80% of the Cole County AMI may qualify for rental assistance programs that target Low Income households. |
$49,000 | $56,000 | $63,000 | $70,000 | $75,600 | $81,200 | $86,800 | $92,400 |
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