What HUD offices serve Penn Yan, New York?
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 New York Public Housing and Low-Income Apartments Waiting Lists page for openings near Penn Yan.
How many renters live in Penn Yan, New York?
The City of Penn Yan has 5,134 people living in 2,236 households.
There are 1,437 renters living in 912 renter households in this City. Renters make up 27.99 percent of the population living in Penn Yan.
What is the rental market like in Penn Yan, New York?
There are an estimated 2,550 housing units in the Penn Yan area. Of these, 977 units are rental homes, making up 38 percent of the housing market. For every renter household in Penn Yan, New York, there are 1 rental units.
What is the vacancy rate for rentals in Penn Yan?
The rental vacancy rate in Penn Yan is 7 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 Penn Yan for each bedroom size?
Occupied Rental Units by Size in Penn Yan
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 70 | 497 | 248 | 42 | 41 |
Occupied Rental Units by Size in Penn Yan
A large number of apartments in Penn Yan 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 Penn Yan are overburdened by housing costs?
Among renter households in this market, 41 percent have housing cost burden. Further, 15 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 Penn Yan
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $723 to $1,527. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $723 |
| One BR | $811 |
| Two BR | $1,066 |
| Three BR | $1,356 |
| Four BR | $1,527 |
2024 Fair Market Rents in Penn Yan, New York
How many units are rented at Fair Market Rent (FMR) in Penn Yan?
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 | 68 | 97 percent |
| One BR | 456 | 92 percent |
| Two BR | 213 | 86 percent |
Rental Units Below FMR in Penn Yan, New York
How many affordable rental units are in Penn Yan?
There are a variety of federal affordable housing programs serving households in Penn Yan, New York including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 350 |
| Section 8 Project-Based Rental Assistance | 22 |
| Section 811 Supportive Housing for Persons with Disabilities | 4 |
| USDA Section 515 Rural Rental Housing | 67 |
Tracked Units by Federal Program in Penn Yan, New York
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Penn Yan, New York
Penn Yan features 280 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 Penn Yan, New York
There are 109 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Penn Yan.
Housing Choice Vouchers in Penn Yan, New York
On average, Section 8 Housing Choice vouchers pay Penn Yan landlords $900 per month towards rent. The average voucher holder contributes $300 towards rent in Penn Yan.
The maximum amount a voucher would pay on behalf of a low-income tenant in Penn Yan, New York for a two-bedroom apartment is between $959 and $1,173.
Sourced from federal housing data and AffordableHousingOnline.com research.
