Low Income Apartments For Rent in Island Pond, VT

Rental assistance programs support 34 low-income homes in Island Pond where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $270 towards rent each month.

Affordable rent data for some communities last confirmed on October 30th, 2019. Subdsidized rents typically change once a year based on federal guidance.

Public Housing Agencies Serving Island Pond, Vermont

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
Vermont State Housing Authority	Section 8 Housing Choice Voucher (HCV)

Go to the Vermont Public Housing and Low-Income Apartments Waiting Lists page for openings near Island Pond.

Island Pond, Vermont Affordable Housing Data

Income Based Apartments in Island Pond, Vermont

Island Pond features 34 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 Island Pond, Vermont

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Island Pond.

Housing Choice Vouchers in Island Pond, Vermont

On average, Section 8 Housing Choice vouchers pay Island Pond landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Island Pond.

The maximum amount a voucher would pay on behalf of a low-income tenant in Island Pond, Vermont for a two-bedroom apartment is between $842 and $1,030.

2024 Island Pond, Vermont 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
Island Pond, Vermont Fair Market Rent	$812	$834	$936	$1,301	$1,319
Island Pond, Vermont Payment Standard Range	$731 to $893	$751 to $917	$842 to $1,030	$1,171 to $1,431	$1,187 to $1,451

Sourced from federal housing data and AffordableHousingOnline.com research.

Island Pond, VT Affordable Housing Snapshot

Total Affordable Apartment Properties 2

Total Low Income Apartments 34

Total Housing Units with Rental Assistance 34

Percentage of Housing Units Occupied By Renters 47.93%

Average Renter Household Size 2.40

Average Household Size 2.42

Median Household Income $19,813 ±$10,783

Median Rent $597 ±$86

Percentage Of Renters Overburdened 55.4% ± 24.19pp

Total Population 701

Total Affordable Apartment Properties	2
Total Low Income Apartments	34
Total Housing Units with Rental Assistance	34
Percentage of Housing Units Occupied By Renters	47.93%
Average Renter Household Size	2.40
Average Household Size	2.42
Median Household Income	$19,813 ±$10,783
Median Rent	$597 ±$86
Percentage Of Renters Overburdened	55.4% ± 24.19pp
Total Population	701

Population and Household Demographics

Island Pond is a city in Essex County, Vermont with a population of 701. There are 290 households in the city with an average household size of 2.42 persons. 47.93% of households in Island Pond are renters.

Income and Rent Overburden in Island Pond

The median gross income for households in Island Pond is $19,813 a year, or $1,651 a month. The median rent for the city is $597 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Island Pond, a household making less than $1,990 a month would be considered overburdened when renting an apartment at or above the median rent. 55.4% of households who rent are overburdened in Island Pond.

Area Median Income In Island Pond

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 Island Pond, the AMI is calculated from all households within Essex County.

In Island Pond, HUD calculates the Area Median Income for a family of four as $64,200

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 Island Pond

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 Island Pond

	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 Island Pond AMI may qualify for rental assistance programs that target Extremely Low Income households.	$19,050	$21,800	$24,860	$30,000	$35,140	$40,280	$45,420	$50,560
50% AMI Income Limits Renters earning up to 50% of the Island Pond AMI may qualify for rental assistance programs that target Very Low Income households.	$31,750	$36,300	$40,850	$45,350	$49,000	$52,650	$56,250	$59,900
80% AMI Income Limits Renters earning up to 80% of the Island Pond AMI may qualify for rental assistance programs that target Low Income households.	$50,800	$58,050	$65,300	$72,550	$78,400	$84,200	$90,000	$95,800