How many renters live in Newland, North Carolina?
The City of Newland has 743 people living in 364 households.
There are 267 renters living in 165 renter households in this City. Renters make up 35.94 percent of the population living in Newland.
What is the rental market like in Newland, North Carolina?
There are an estimated 433 housing units in the Newland area. Of these, 174 units are rental homes, making up 40 percent of the housing market. For every renter household in Newland, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Newland?
The rental vacancy rate in Newland is 0 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 Newland for each bedroom size?
Occupied Rental Units by Size in Newland
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 28 | 95 | 40 | 2 |
Occupied Rental Units by Size in Newland
A large number of apartments in Newland 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 Newland are overburdened by housing costs?
Among renter households in this market, 52 percent have housing cost burden. Further, 18 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 Newland
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $776 to $1,366. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $776 |
| One BR | $781 |
| Two BR | $1,026 |
| Three BR | $1,241 |
| Four BR | $1,366 |
2024 Fair Market Rents in Newland, North Carolina
How many units are rented at Fair Market Rent (FMR) in Newland?
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 | 26 | 93 percent |
| Two BR | 95 | 100 percent |
Rental Units Below FMR in Newland, North Carolina
How many affordable rental units are in Newland?
There are a variety of federal affordable housing programs serving households in Newland, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 32 |
| Section 8 Project-Based Rental Assistance | 1 |
| USDA Section 515 Rural Rental Housing | 28 |
Tracked Units by Federal Program in Newland, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Newland, North Carolina
Newland features 46 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 Newland, North Carolina
There are 52 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Newland.
Housing Choice Vouchers in Newland, North Carolina
On average, Section 8 Housing Choice vouchers pay Newland landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Newland.
The maximum amount a voucher would pay on behalf of a low-income tenant in Newland, North Carolina for a two-bedroom apartment is between $923 and $1,129.
Sourced from federal housing data and AffordableHousingOnline.com research.
