Low Income Apartments and Affordable Housing For Rent in Budd Lake, NJ

Discover affordable housing in Budd Lake where there are 2+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Newbridge Hmc

12 Ringenbach Ln, Budd Lake, New Jersey 07828

Community Hope III Consumer Ho

1 Locust St, Budd Lake, New Jersey 07828

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Budd Lake, New Jersey
$36.29/hour
$22.56 (+164%) more than New Jersey minimum wage and $29.04 (+401%) more than the Federal minimum wage.
Learn More About Budd Lake, New Jersey Affordable Housing ↓

What HUD offices serve Budd Lake, New Jersey?

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.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Budd Lake, New Jersey.
Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Budd Lake, New Jersey.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Budd Lake, New Jersey.

Go to the New Jersey Public Housing and Low-Income Apartments Waiting Lists page for openings near Budd Lake.

How many renters live in Budd Lake, New Jersey?

The City of Budd Lake has 9,983 people living in 3,549 households.

There are 2,099 renters living in 885 renter households in this City. Renters make up 21.03 percent of the population living in Budd Lake.

What is the rental market like in Budd Lake, New Jersey?

There are an estimated 3,620 housing units in the Budd Lake area. Of these, 885 units are rental homes, making up 24 percent of the housing market. For every renter household in Budd Lake, New Jersey, there are 1 rental units.

What is the vacancy rate for rentals in Budd Lake?

The rental vacancy rate in Budd Lake 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 Budd Lake for each bedroom size?

Occupied Rental Units by Size in Budd Lake
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
15 633 163 74 0
Occupied Rental Units by Size in Budd Lake

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

Among renter households in this market, 37 percent have housing cost burden. Further, 10 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 Budd Lake

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,379 to $2,800. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,379
One BR $1,590
Two BR $1,916
Three BR $2,424
Four BR $2,800
2024 Fair Market Rents in Budd Lake, New Jersey

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

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 11 73 percent
One BR 623 98 percent
Two BR 151 93 percent
Rental Units Below FMR in Budd Lake, New Jersey

How many affordable rental units are in Budd Lake?

There are a variety of federal affordable housing programs serving households in Budd Lake, New Jersey including the following:

Federal Program Unit Count
Section 811 Supportive Housing for Persons with Disabilities 3
Tracked Units by Federal Program in Budd Lake, New Jersey

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Budd Lake, New Jersey

Budd Lake features 5 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 Budd Lake, New Jersey

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

Housing Choice Vouchers in Budd Lake, New Jersey

On average, Section 8 Housing Choice vouchers pay Budd Lake landlords $900 per month towards rent. The average voucher holder contributes $400 towards rent in Budd Lake.

The maximum amount a voucher would pay on behalf of a low-income tenant in Budd Lake, New Jersey for a two-bedroom apartment is between $1,724 and $2,108.

Sourced from federal housing data and AffordableHousingOnline.com research.