How many renters live in Louisburg, North Carolina?
The City of Louisburg has 3,099 people living in 937 households.
There are 1,287 renters living in 543 renter households in this City. Renters make up 41.53 percent of the population living in Louisburg.
What is the rental market like in Louisburg, North Carolina?
There are an estimated 1,087 housing units in the Louisburg area. Of these, 551 units are rental homes, making up 51 percent of the housing market. For every renter household in Louisburg, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Louisburg?
The rental vacancy rate in Louisburg is 1 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 Louisburg for each bedroom size?
Occupied Rental Units by Size in Louisburg
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 94 | 127 | 195 | 94 | 33 |
Occupied Rental Units by Size in Louisburg
A large number of apartments in Louisburg 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 Louisburg are overburdened by housing costs?
Among renter households in this market, 68 percent have housing cost burden. Further, 49 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 Louisburg
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 Louisburg, North Carolina
How many units are rented at Fair Market Rent (FMR) in Louisburg?
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 | 82 | 87 percent |
| One BR | 99 | 78 percent |
| Two BR | 195 | 100 percent |
Rental Units Below FMR in Louisburg, North Carolina
How many affordable rental units are in Louisburg?
There are a variety of federal affordable housing programs serving households in Louisburg, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 120 |
| Section 8 Project-Based Rental Assistance | 120 |
| Section 811 Supportive Housing for Persons with Disabilities | 9 |
| USDA Section 515 Rural Rental Housing | 60 |
Tracked Units by Federal Program in Louisburg, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Louisburg, North Carolina
Louisburg features 261 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 Louisburg, North Carolina
There are 58 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Louisburg.
Housing Choice Vouchers in Louisburg, North Carolina
On average, Section 8 Housing Choice vouchers pay Louisburg landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Louisburg.
The maximum amount a voucher would pay on behalf of a low-income tenant in Louisburg, North Carolina for a two-bedroom apartment is between $1,481 and $1,811.
Sourced from federal housing data and AffordableHousingOnline.com research.
