How many renters live in New Hope, Alabama?
The City of New Hope has 2,875 people living in 943 households.
There are 622 renters living in 217 renter households in this City. Renters make up 21.63 percent of the population living in New Hope.
What is the rental market like in New Hope, Alabama?
There are an estimated 1,033 housing units in the New Hope area. Of these, 217 units are rental homes, making up 21 percent of the housing market. For every renter household in New Hope, Alabama, there are 1 rental units.
What is the vacancy rate for rentals in New Hope?
The rental vacancy rate in New Hope is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in New Hope for each bedroom size?
Occupied Rental Units by Size in New Hope
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 10 | 90 | 104 | 13 |
Occupied Rental Units by Size in New Hope
A large number of apartments in New Hope have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in New Hope are overburdened by housing costs?
Among renter households in this market, 25 percent have housing cost burden. Further, 6 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in New Hope
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $900 to $1,937. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $900 |
| One BR | $1,067 |
| Two BR | $1,248 |
| Three BR | $1,619 |
| Four BR | $1,937 |
2024 Fair Market Rents in New Hope, Alabama
How many units are rented at Fair Market Rent (FMR) in New Hope?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| One BR | 10 | 100 percent |
| Two BR | 47 | 52 percent |
Rental Units Below FMR in New Hope, Alabama
How many affordable rental units are in New Hope?
There are a variety of federal affordable housing programs serving households in New Hope, Alabama including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 48 |
| USDA Section 515 Rural Rental Housing | 16 |
Tracked Units by Federal Program in New Hope, Alabama
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in New Hope, Alabama
New Hope features 16 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 New Hope, Alabama
There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Hope.
Housing Choice Vouchers in New Hope, Alabama
On average, Section 8 Housing Choice vouchers pay New Hope landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in New Hope.
The maximum amount a voucher would pay on behalf of a low-income tenant in New Hope, Alabama for a two-bedroom apartment is between $1,123 and $1,373.
Sourced from federal housing data and AffordableHousingOnline.com research.
