Low Income Apartments and Affordable Housing For Rent in Oak City, NC

Discover affordable housing in Oak City where there are 2+ 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.

Hamilton Ridge Apartments

1190 Hamilton Ridge Rd, Oak City, North Carolina 27840

Hamilton Ridge

2041 Hamilton Rdg, Oak City, North Carolina 27857

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Oak City, North Carolina
$16.21/hour
$8.96 (+124%) more than North Carolina minimum wage and $8.96 (+124%) more than the Federal minimum wage.
Learn More About Oak City, North Carolina Affordable Housing ↓

How many renters live in Oak City, North Carolina?

The City of Oak City has 420 people living in 188 households.

There are 255 renters living in 120 renter households in this City. Renters make up 60.71 percent of the population living in Oak City.

What is the rental market like in Oak City, North Carolina?

There are an estimated 247 housing units in the Oak City area. Of these, 120 units are rental homes, making up 49 percent of the housing market. For every renter household in Oak City, North Carolina, there are 1 rental units.

What is the vacancy rate for rentals in Oak City?

The rental vacancy rate in Oak City 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 Oak City for each bedroom size?

Occupied Rental Units by Size in Oak City
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 4 7 104 4
Occupied Rental Units by Size in Oak City

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

Among renter households in this market, 11 percent have housing cost burden. Further, 3 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 Oak City

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $683 to $1,140. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $683
One BR $687
Two BR $856
Three BR $1,122
Four BR $1,140
2024 Fair Market Rents in Oak City, North Carolina

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

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 0 100 percent
Two BR 3 43 percent
Rental Units Below FMR in Oak City, North Carolina

How many affordable rental units are in Oak City?

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

Federal Program Unit Count
Low Income Housing Tax Credit 24
Tracked Units by Federal Program in Oak City, North Carolina

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

Income Based Apartments in Oak City, North Carolina

Oak City features 24 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 Oak City, North Carolina

There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Oak City.

Housing Choice Vouchers in Oak City, North Carolina

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Oak City, North Carolina for a two-bedroom apartment is between $770 and $942.

Sourced from federal housing data and AffordableHousingOnline.com research.