![]() ![]() 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. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811. Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. In Key Largo, HUD calculates the Area Median Income for a family of four as $97,100 For Key Largo, the AMI is calculated from all households within Monroe County. 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. The AMI is calculated and published each year by HUD. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. Each household's income is compared to the incomes of all other households in the area. Area Median Income In Key LargoĪffordable housing program eligibility is always determined by one's income. In Key Largo, a household making less than $4,317 a month would be considered overburdened when renting an apartment at or above the median rent.Ħ1.91% of households who rent are overburdened in Key Largo. Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. The median gross income for households in Key Largo is $56,805 a year, or $4,734 a month. 27.34% of households in Key Largo are renters. There are 4,207 households in the city with an average household size of 2.48 persons. Key Largo is a city in Monroe County, Florida with a population of 10,496. ± 8.45pp Total Population 10,496 Population and Household Demographics ±$100 Percentage Of Renters Overburdened 61.91% Total Affordable Apartment Properties 2 Total Low Income Apartments 116 Total Housing Units with Rental Assistance 50 Percentage of Housing Units Occupied By Renters 27.34% Average Renter Household Size 2.73 Average Household Size 2.48 Median Household Income $56,805 Key Largo, FL Affordable Housing Snapshot ![]() Sourced from federal housing data and research. 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. 2023 Key Largo, Florida Fair Market Rents and Housing Choice Voucher Payment Standardsįair Market Rents can be used to better understand the average housing costs of an area. The maximum amount a voucher would pay on behalf of a low-income tenant in Key Largo, Florida for a two-bedroom apartment is between $1,821 and $2,225. The average voucher holder contributes $400 towards rent in Key Largo. On average, Section 8 Housing Choice vouchers pay Key Largo landlords $1,100 per month towards rent. Housing Choice Vouchers in Key Largo, Florida ![]() There are 66 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Key Largo. Low Rent Apartments in Key Largo, Florida Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities. Key Largo features 50 income based apartments. Key Largo, Florida Affordable Housing Data Income Based Apartments in Key Largo, Florida ![]()
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