How many renters live in Cornelius, North Carolina?
The City of Cornelius has 31,396 people living in 13,352 households.
There are 8,071 renters living in 4,042 renter households in this City. Renters make up 25.71 percent of the population living in Cornelius.
What is the rental market like in Cornelius, North Carolina?
There are an estimated 14,358 housing units in the Cornelius area. Of these, 4,359 units are rental homes, making up 30 percent of the housing market. For every renter household in Cornelius, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Cornelius?
The rental vacancy rate in Cornelius 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 Cornelius for each bedroom size?
Occupied Rental Units by Size in Cornelius
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 51 | 908 | 1,770 | 945 | 243 |
Occupied Rental Units by Size in Cornelius
A large number of apartments in Cornelius 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 Cornelius are overburdened by housing costs?
Among renter households in this market, 45 percent have housing cost burden. Further, 17 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 Cornelius
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,347 to $2,481. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,347 |
| One BR | $1,384 |
| Two BR | $1,554 |
| Three BR | $1,936 |
| Four BR | $2,481 |
2024 Fair Market Rents in Cornelius, North Carolina
How many units are rented at Fair Market Rent (FMR) in Cornelius?
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 | 45 | 88 percent |
| One BR | 648 | 71 percent |
| Two BR | 945 | 53 percent |
Rental Units Below FMR in Cornelius, North Carolina
How many affordable rental units are in Cornelius?
There are a variety of federal affordable housing programs serving households in Cornelius, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 180 |
| Section 8 Project-Based Rental Assistance | 30 |
| USDA Section 515 Rural Rental Housing | 30 |
Tracked Units by Federal Program in Cornelius, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Cornelius, North Carolina
Cornelius features 30 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 Cornelius, North Carolina
There are 86 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Cornelius.
Housing Choice Vouchers in Cornelius, North Carolina
On average, Section 8 Housing Choice vouchers pay Cornelius landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Cornelius.
The maximum amount a voucher would pay on behalf of a low-income tenant in Cornelius, North Carolina for a two-bedroom apartment is between $1,399 and $1,709.
Sourced from federal housing data and AffordableHousingOnline.com research.
