Apply to Franklin Lakes Apartment Waiting Lists
- Hasbrouck Heights Senior is open.
- Lehmann Gardens Disabled Disabled is open.
- Emerson Veteran Supportive Housing Project-Based is open.
- Franklin Villa Apartments Project-Based is open.
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There are 0 low-income apartments in Franklin Lakes that offer reduced rents to eligible households.
Rental assistance programs support 37 low-income homes in Franklin Lakes where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $-4 towards rent each month.
Affordable rent data for some communities last confirmed on August 5th, 2021. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Franklin Lakes, New Jersey
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 Authority of Bergen County | Section 8 Housing Choice Voucher (HCV); Public Housing; Housing Opportunities for Persons with AIDS (HOPWA) |
| State of New Jersey Department of Community Affairs | Section 8 Housing Choice Voucher (HCV) |
Franklin Lakes, New Jersey Affordable Housing Data
Income Based Apartments in Franklin Lakes, New Jersey
Franklin Lakes features 37 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 Franklin Lakes, New Jersey
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin Lakes.
Housing Choice Vouchers in Franklin Lakes, New Jersey
On average, Section 8 Housing Choice vouchers pay Franklin Lakes landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Franklin Lakes.
The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin Lakes, New Jersey for a two-bedroom apartment is between $1,703 and $2,081.
2024 Franklin Lakes, New Jersey 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 | |
|---|---|---|---|---|---|
| Franklin Lakes, New Jersey Fair Market Rent | $1,400 | $1,645 | $1,892 | $2,342 | $2,946 |
| Franklin Lakes, New Jersey Payment Standard Range | $1,260 to $1,540 | $1,481 to $1,810 | $1,703 to $2,081 | $2,108 to $2,576 | $2,651 to $3,241 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Franklin Lakes, NJ Affordable Housing Snapshot
| Total Affordable Apartment Properties | 1 |
|---|---|
| Total Low Income Apartments | 37 |
| Total Housing Units with Rental Assistance | 37 |
| Percentage of Housing Units Occupied By Renters | 13.18% |
| Average Renter Household Size | 2.23 |
| Average Household Size | 2.89 |
| Median Household Income | $156,146 ±$21,640 |
| Median Rent | $2,242 ±$112 |
| Percentage Of Renters Overburdened | 49.59% ± 15.52pp |
| Total Population | 10,799 |
Population and Household Demographics
Franklin Lakes is a city in Bergen County, New Jersey with a population of 10,799. There are 3,734 households in the city with an average household size of 2.89 persons. 13.18% of households in Franklin Lakes are renters.
Income and Rent Overburden in Franklin Lakes
The median gross income for households in Franklin Lakes is $156,146 a year, or $13,012 a month. The median rent for the city is $2,242 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Franklin Lakes, a household making less than $7,473 a month would be considered overburdened when renting an apartment at or above the median rent. 49.59% of households who rent are overburdened in Franklin Lakes.
Area Median Income In Franklin 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 Franklin Lakes, the AMI is calculated from all households within Bergen County.
In Franklin Lakes, HUD calculates the Area Median Income for a family of four as $130,700
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 Franklin 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 Franklin 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 Franklin Lakes AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$27,250 | $31,150 | $35,050 | $38,900 | $42,050 | $45,150 | $48,250 | $51,350 |
| 50% AMI Income Limits Renters earning up to 50% of the Franklin Lakes AMI may qualify for rental assistance programs that target Very Low Income households. |
$45,400 | $51,850 | $58,350 | $64,800 | $70,000 | $75,200 | $80,400 | $85,550 |
| 80% AMI Income Limits Renters earning up to 80% of the Franklin Lakes AMI may qualify for rental assistance programs that target Low Income households. |
$66,750 | $76,250 | $85,800 | $95,300 | $102,950 | $110,550 | $118,200 | $125,800 |
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