How many renters live in Silver Springs, New York?
The City of Silver Springs has 615 people living in 295 households.
There are 203 renters living in 120 renter households in this City. Renters make up 33.01 percent of the population living in Silver Springs.
What is the rental market like in Silver Springs, New York?
There are an estimated 324 housing units in the Silver Springs area. Of these, 130 units are rental homes, making up 40 percent of the housing market. For every renter household in Silver Springs, New York, there are 1 rental units.
What is the vacancy rate for rentals in Silver Springs?
The rental vacancy rate in Silver Springs 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 Silver Springs for each bedroom size?
Occupied Rental Units by Size in Silver Springs
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 7 | 39 | 17 | 36 | 21 |
Occupied Rental Units by Size in Silver Springs
A large number of apartments in Silver Springs 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 Silver Springs are overburdened by housing costs?
Among renter households in this market, 69 percent have housing cost burden. Further, 8 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 Silver Springs
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $724 to $1,345. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $724 |
| One BR | $728 |
| Two BR | $905 |
| Three BR | $1,220 |
| Four BR | $1,345 |
2024 Fair Market Rents in Silver Springs, New York
How many units are rented at Fair Market Rent (FMR) in Silver Springs?
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 | 7 | 100 percent |
| One BR | 36 | 92 percent |
| Two BR | 12 | 71 percent |
Rental Units Below FMR in Silver Springs, New York
How many affordable rental units are in Silver Springs?
There are a variety of federal affordable housing programs serving households in Silver Springs, New York including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 24 |
| USDA Section 515 Rural Rental Housing | 24 |
Tracked Units by Federal Program in Silver Springs, New York
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Silver Springs, New York
Silver Springs 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 Silver Springs, New York
There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Silver Springs.
Housing Choice Vouchers in Silver Springs, New York
On average, Section 8 Housing Choice vouchers pay Silver Springs landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Silver Springs.
The maximum amount a voucher would pay on behalf of a low-income tenant in Silver Springs, New York for a two-bedroom apartment is between $815 and $996.
Sourced from federal housing data and AffordableHousingOnline.com research.
