Low Income Apartments and Affordable Housing For Rent in Olney, TX

Discover affordable housing in Olney where there are 5+ 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.

Western Heights Apartments

1416 W Elm St, Olney, Texas 76374

Northside Apartments

501 N Avenue G, Olney, Texas 76374

Highland West Apartments

1301 W Gray St, Olney, Texas 76374

South Terrace Homes

1402 Mockingbird, Olney, Texas

Oak G and D

1018 Arbor St, Olney, Texas 76374

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Olney, Texas
$18.09/hour
$10.84 (+149%) more than Texas minimum wage and $10.84 (+149%) more than the Federal minimum wage.
Learn More About Olney, Texas Affordable Housing ↓

What HUD offices serve Olney, Texas?

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.

Operates the Public Housing programs for Olney, Texas.

Go to the Texas Public Housing and Low-Income Apartments Waiting Lists page for openings near Olney.

How many renters live in Olney, Texas?

The City of Olney has 3,016 people living in 1,393 households.

There are 715 renters living in 403 renter households in this City. Renters make up 23.71 percent of the population living in Olney.

What is the rental market like in Olney, Texas?

There are an estimated 1,572 housing units in the Olney area. Of these, 424 units are rental homes, making up 27 percent of the housing market. For every renter household in Olney, Texas, there are 1 rental units.

What is the vacancy rate for rentals in Olney?

The rental vacancy rate in Olney is 5 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 Olney for each bedroom size?

Occupied Rental Units by Size in Olney
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 37 303 63 0
Occupied Rental Units by Size in Olney

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

Among renter households in this market, 35 percent have housing cost burden. Further, 12 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 Olney

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $744 to $1,393. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $744
One BR $799
Two BR $955
Three BR $1,261
Four BR $1,393
2024 Fair Market Rents in Olney, Texas

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

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 37 100 percent
Two BR 215 71 percent
Rental Units Below FMR in Olney, Texas

How many affordable rental units are in Olney?

There are a variety of federal affordable housing programs serving households in Olney, Texas including the following:

Federal Program Unit Count
Public Housing 180
Section 8 Project-Based Rental Assistance 83
USDA Section 515 Rural Rental Housing 44
Tracked Units by Federal Program in Olney, Texas

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

Income Based Apartments in Olney, Texas

Olney features 272 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 Olney, Texas

There are 70 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Olney.

Housing Choice Vouchers in Olney, Texas

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Olney, Texas for a two-bedroom apartment is between $860 and $1,051.

Sourced from federal housing data and AffordableHousingOnline.com research.