Low Income Apartments and Affordable Housing For Rent in Mayodan, NC

Discover affordable housing in Mayodan where there are 3+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Oakwood Manor Apartments

100 Whitbeck Dr, Mayodan, North Carolina 27027

Mountain Villa Apartments

501 N Ayersville Rd, Mayodan, North Carolina 27027

Ridgemont Place Apartments

1209 W Madison St, Mayodan, North Carolina 27027

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Mayodan, North Carolina
$17.69/hour
$10.44 (+144%) more than North Carolina minimum wage and $10.44 (+144%) more than the Federal minimum wage.
Learn More About Mayodan, North Carolina Affordable Housing ↓

How many renters live in Mayodan, North Carolina?

The City of Mayodan has 2,438 people living in 1,181 households.

There are 1,036 renters living in 516 renter households in this City. Renters make up 42.49 percent of the population living in Mayodan.

What is the rental market like in Mayodan, North Carolina?

There are an estimated 1,264 housing units in the Mayodan area. Of these, 550 units are rental homes, making up 44 percent of the housing market. For every renter household in Mayodan, North Carolina, there are 1 rental units.

What is the vacancy rate for rentals in Mayodan?

The rental vacancy rate in Mayodan is 3 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 Mayodan for each bedroom size?

Occupied Rental Units by Size in Mayodan
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 180 228 84 24
Occupied Rental Units by Size in Mayodan

A large number of apartments in Mayodan 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 Mayodan are overburdened by housing costs?

Among renter households in this market, 37 percent have housing cost burden. Further, 10 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 Mayodan

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $633 to $1,360. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $633
One BR $719
Two BR $934
Three BR $1,198
Four BR $1,360
2024 Fair Market Rents in Mayodan, North Carolina

How many units are rented at Fair Market Rent (FMR) in Mayodan?

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
One BR 131 73 percent
Two BR 128 56 percent
Rental Units Below FMR in Mayodan, North Carolina

How many affordable rental units are in Mayodan?

There are a variety of federal affordable housing programs serving households in Mayodan, North Carolina including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 36
Section 8 Project-Based Rental Assistance 58
USDA Section 515 Rural Rental Housing 136
Tracked Units by Federal Program in Mayodan, North Carolina

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Mayodan, North Carolina

Mayodan features 194 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 Mayodan, North Carolina

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Mayodan.

Housing Choice Vouchers in Mayodan, North Carolina

On average, Section 8 Housing Choice vouchers pay Mayodan landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Mayodan.

The maximum amount a voucher would pay on behalf of a low-income tenant in Mayodan, North Carolina for a two-bedroom apartment is between $841 and $1,027.

Sourced from federal housing data and AffordableHousingOnline.com research.