Low Income Apartments and Affordable Housing For Rent in Caro, MI

What HUD offices serve Caro, Michigan?

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 Michigan Public Housing and Low-Income Apartments Waiting Lists page for openings near Caro.

How many renters live in Caro, Michigan?

The City of Caro has 4,294 people living in 1,880 households.

There are 1,418 renters living in 703 renter households in this City. Renters make up 33.02 percent of the population living in Caro.

What is the rental market like in Caro, Michigan?

There are an estimated 2,000 housing units in the Caro area. Of these, 738 units are rental homes, making up 37 percent of the housing market. For every renter household in Caro, Michigan, there are 1 rental units.

What is the vacancy rate for rentals in Caro?

The rental vacancy rate in Caro is 5 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 Caro for each bedroom size?

A large number of apartments in Caro 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 Caro are overburdened by housing costs?

Among renter households in this market, 39 percent have housing cost burden. Further, 20 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 Caro

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $613 to $1,369. FMRs are updated annually by HUD for every city and county nationwide.

How many units are rented at Fair Market Rent (FMR) in Caro?

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:

How many affordable rental units are in Caro?

There are a variety of federal affordable housing programs serving households in Caro, Michigan including the following:

Income Based Apartments in Caro, Michigan

Caro features 172 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 Caro, Michigan

There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Caro.

Housing Choice Vouchers in Caro, Michigan

On average, Section 8 Housing Choice vouchers pay Caro landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Caro.

The maximum amount a voucher would pay on behalf of a low-income tenant in Caro, Michigan for a two-bedroom apartment is between $815 and $996.

Sourced from federal housing data and AffordableHousingOnline.com research.