What HUD offices serve Sherwood, Arkansas?
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.
Go to the Arkansas Public Housing and Low-Income Apartments Waiting Lists page for openings near Sherwood.
How many renters live in Sherwood, Arkansas?
The City of Sherwood has 32,715 people living in 13,155 households.
There are 8,936 renters living in 3,841 renter households in this City. Renters make up 27.31 percent of the population living in Sherwood.
What is the rental market like in Sherwood, Arkansas?
There are an estimated 14,536 housing units in the Sherwood area. Of these, 4,314 units are rental homes, making up 30 percent of the housing market. For every renter household in Sherwood, Arkansas, there are 1 rental units.
What is the vacancy rate for rentals in Sherwood?
The rental vacancy rate in Sherwood is 8 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Sherwood for each bedroom size?
Occupied Rental Units by Size in Sherwood
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 136 | 743 | 1,158 | 1,575 | 229 |
Occupied Rental Units by Size in Sherwood
A large number of apartments in Sherwood 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 Sherwood are overburdened by housing costs?
Among renter households in this market, 41 percent have housing cost burden. Further, 18 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 Sherwood
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $944 to $1,717. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $944 |
| One BR | $950 |
| Two BR | $1,089 |
| Three BR | $1,454 |
| Four BR | $1,717 |
2024 Fair Market Rents in Sherwood, Arkansas
How many units are rented at Fair Market Rent (FMR) in Sherwood?
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 |
| Studio | 86 | 63 percent |
| One BR | 553 | 74 percent |
| Two BR | 850 | 73 percent |
Rental Units Below FMR in Sherwood, Arkansas
How many affordable rental units are in Sherwood?
There are a variety of federal affordable housing programs serving households in Sherwood, Arkansas including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 642 |
| USDA Section 515 Rural Rental Housing | 44 |
Tracked Units by Federal Program in Sherwood, Arkansas
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Sherwood, Arkansas
Sherwood features 0 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 Sherwood, Arkansas
There are 441 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Sherwood.
Housing Choice Vouchers in Sherwood, Arkansas
On average, Section 8 Housing Choice vouchers pay Sherwood landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Sherwood.
The maximum amount a voucher would pay on behalf of a low-income tenant in Sherwood, Arkansas for a two-bedroom apartment is between $980 and $1,198.
Sourced from federal housing data and AffordableHousingOnline.com research.