Low Income Apartments For Rent in Lake Placid, NY

Rental assistance programs support 122 low-income homes in Lake Placid where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $408 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.

Public Housing Agencies Serving Lake Placid, New York

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
Lake Placid Village Inc.	Section 8 Housing Choice Voucher (HCV)

Go to the New York Public Housing and Low-Income Apartments Waiting Lists page for openings near Lake Placid.

Lake Placid, New York Affordable Housing Data

Income Based Apartments in Lake Placid, New York

Lake Placid features 122 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 Lake Placid, New York

There are 23 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Placid.

Housing Choice Vouchers in Lake Placid, New York

On average, Section 8 Housing Choice vouchers pay Lake Placid landlords $900 per month towards rent. The average voucher holder contributes $400 towards rent in Lake Placid.

The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Placid, New York for a two-bedroom apartment is between $874 and $1,068.

2024 Lake Placid, New York 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
Lake Placid, New York Fair Market Rent	$824	$828	$971	$1,309	$1,446
Lake Placid, New York Payment Standard Range	$742 to $906	$745 to $911	$874 to $1,068	$1,178 to $1,440	$1,301 to $1,591

Sourced from federal housing data and AffordableHousingOnline.com research.

Lake Placid, NY Affordable Housing Snapshot

Total Affordable Apartment Properties 3

Total Low Income Apartments 145

Total Housing Units with Rental Assistance 122

Percentage of Housing Units Occupied By Renters 64.18%

Average Renter Household Size 1.76

Average Household Size 1.95

Median Household Income $50,766 ±$13,354

Median Rent $744 ±$88

Percentage Of Renters Overburdened 31.31% ± 16.32pp

Total Population 2,539

Total Affordable Apartment Properties	3
Total Low Income Apartments	145
Total Housing Units with Rental Assistance	122
Percentage of Housing Units Occupied By Renters	64.18%
Average Renter Household Size	1.76
Average Household Size	1.95
Median Household Income	$50,766 ±$13,354
Median Rent	$744 ±$88
Percentage Of Renters Overburdened	31.31% ± 16.32pp
Total Population	2,539

Population and Household Demographics

Lake Placid is a city in Essex County, New York with a population of 2,539. There are 1,259 households in the city with an average household size of 1.95 persons. 64.18% of households in Lake Placid are renters.

Income and Rent Overburden in Lake Placid

The median gross income for households in Lake Placid is $50,766 a year, or $4,231 a month. The median rent for the city is $744 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Lake Placid, a household making less than $2,480 a month would be considered overburdened when renting an apartment at or above the median rent. 31.31% of households who rent are overburdened in Lake Placid.

Area Median Income In Lake Placid

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 Lake Placid, the AMI is calculated from all households within Essex County.

In Lake Placid, HUD calculates the Area Median Income for a family of four as $80,100

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 Lake Placid

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 Lake Placid

	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 Lake Placid AMI may qualify for rental assistance programs that target Extremely Low Income households.	$17,050	$19,720	$24,860	$30,000	$35,140	$40,280	$45,420	$50,560
50% AMI Income Limits Renters earning up to 50% of the Lake Placid AMI may qualify for rental assistance programs that target Very Low Income households.	$28,450	$32,500	$36,550	$40,600	$43,850	$47,100	$50,350	$53,600
80% AMI Income Limits Renters earning up to 80% of the Lake Placid AMI may qualify for rental assistance programs that target Low Income households.	$45,500	$52,000	$58,500	$64,950	$70,150	$75,350	$80,550	$85,750