What HUD offices serve Fuquay Varina, North Carolina?
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 North Carolina Public Housing and Low-Income Apartments Waiting Lists page for openings near Fuquay Varina.
How many renters live in Fuquay Varina, North Carolina?
The City of Fuquay Varina has 35,428 people living in 12,449 households.
There are 9,533 renters living in 3,498 renter households in this City. Renters make up 26.91 percent of the population living in Fuquay Varina.
What is the rental market like in Fuquay Varina, North Carolina?
There are an estimated 13,028 housing units in the Fuquay Varina area. Of these, 3,882 units are rental homes, making up 30 percent of the housing market. For every renter household in Fuquay Varina, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Fuquay Varina?
The rental vacancy rate in Fuquay Varina is 9 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 Fuquay Varina for each bedroom size?
Occupied Rental Units by Size in Fuquay Varina
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 26 | 689 | 1,302 | 800 | 549 |
Occupied Rental Units by Size in Fuquay Varina
A large number of apartments in Fuquay Varina 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 Fuquay Varina are overburdened by housing costs?
Among renter households in this market, 45 percent have housing cost burden. Further, 24 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 Fuquay Varina
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,427 to $2,711. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,427 |
| One BR | $1,466 |
| Two BR | $1,646 |
| Three BR | $2,035 |
| Four BR | $2,711 |
2024 Fair Market Rents in Fuquay Varina, North Carolina
How many units are rented at Fair Market Rent (FMR) in Fuquay Varina?
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 | 26 | 100 percent |
| One BR | 442 | 64 percent |
| Two BR | 799 | 61 percent |
Rental Units Below FMR in Fuquay Varina, North Carolina
How many affordable rental units are in Fuquay Varina?
There are a variety of federal affordable housing programs serving households in Fuquay Varina, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 356 |
| Public Housing | 49 |
| Section 8 Project-Based Rental Assistance | 109 |
| USDA Section 515 Rural Rental Housing | 197 |
Tracked Units by Federal Program in Fuquay Varina, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Fuquay Varina, North Carolina
Fuquay Varina features 255 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 Fuquay Varina, North Carolina
There are 175 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fuquay Varina.
Housing Choice Vouchers in Fuquay Varina, North Carolina
On average, Section 8 Housing Choice vouchers pay Fuquay Varina landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Fuquay Varina.
The maximum amount a voucher would pay on behalf of a low-income tenant in Fuquay Varina, North Carolina for a two-bedroom apartment is between $1,481 and $1,811.
Sourced from federal housing data and AffordableHousingOnline.com research.
