Eldorado Springs Estates, Lp
Eldorado Springs Housing Inc
Eldorado Springs Seniors Lp
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There are 36 low-income apartments in El Dorado Springs that offer reduced rents to eligible households.
Rental assistance programs support 123 low-income homes in El Dorado Springs where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $296 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.
El Dorado Springs, Missouri Affordable Housing Data
Income Based Apartments in El Dorado Springs, Missouri
El Dorado Springs features 123 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 El Dorado Springs, Missouri
There are 36 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in El Dorado Springs.
Housing Choice Vouchers in El Dorado Springs, Missouri
On average, Section 8 Housing Choice vouchers pay El Dorado Springs landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in El Dorado Springs.
The maximum amount a voucher would pay on behalf of a low-income tenant in El Dorado Springs, Missouri for a two-bedroom apartment is between $717 and $877.
2024 El Dorado Springs, 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 | |
|---|---|---|---|---|---|
| El Dorado Springs, Missouri Fair Market Rent | $601 | $607 | $797 | $1,070 | $1,217 |
| El Dorado Springs, Missouri Payment Standard Range | $541 to $661 | $546 to $668 | $717 to $877 | $963 to $1,177 | $1,095 to $1,339 |
Sourced from federal housing data and AffordableHousingOnline.com research.
El Dorado Springs, MO Affordable Housing Snapshot
| Total Affordable Apartment Properties | 6 |
|---|---|
| Total Low Income Apartments | 159 |
| Total Housing Units with Rental Assistance | 123 |
| Percentage of Housing Units Occupied By Renters | 55.28% |
| Average Renter Household Size | 2.12 |
| Average Household Size | 2.23 |
| Median Household Income | $19,760 ±$10,037 |
| Median Rent | $536 ±$106 |
| Percentage Of Renters Overburdened | 52.08% ± 16.98pp |
| Total Population | 3,553 |
Population and Household Demographics
El Dorado Springs is a city in Cedar County, Missouri with a population of 3,553. There are 1,563 households in the city with an average household size of 2.23 persons. 55.28% of households in El Dorado Springs are renters.
Income and Rent Overburden in El Dorado Springs
The median gross income for households in El Dorado Springs is $19,760 a year, or $1,647 a month. The median rent for the city is $536 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In El Dorado Springs, a household making less than $1,787 a month would be considered overburdened when renting an apartment at or above the median rent. 52.08% of households who rent are overburdened in El Dorado Springs.
Area Median Income In El Dorado 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 El Dorado Springs, the AMI is calculated from all households within Cedar County.
In El Dorado Springs, HUD calculates the Area Median Income for a family of four as $57,900
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 El Dorado 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 El Dorado 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 El Dorado Springs AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$14,580 | $19,720 | $24,860 | $30,000 | $35,140 | $38,650 | $41,300 | $44,000 |
| 50% AMI Income Limits Renters earning up to 50% of the El Dorado Springs AMI may qualify for rental assistance programs that target Very Low Income households. |
$23,350 | $26,650 | $30,000 | $33,300 | $36,000 | $38,650 | $41,300 | $44,000 |
| 80% AMI Income Limits Renters earning up to 80% of the El Dorado Springs AMI may qualify for rental assistance programs that target Low Income households. |
$37,300 | $42,600 | $47,950 | $53,250 | $57,550 | $61,800 | $66,050 | $70,300 |
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