How many renters live in Vance, Alabama?
The City of Vance has people living in households.
There are renters living in renter households in this City. Renters make up 15.61 percent of the population living in Vance.
What is the rental market like in Vance, Alabama?
There are an estimated housing units in the Vance area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Vance, Alabama, there are 1.15 rental units.
What is the vacancy rate for rentals in Vance?
The rental vacancy rate in Vance is 13 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Vance for each bedroom size?
Occupied Rental Units by Size in Vance
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 12 | 13 | 68 | 0 |
Occupied Rental Units by Size in Vance
A large number of apartments in Vance have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Vance
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $983 to $1,752. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $983 |
| One BR | $1,109 |
| Two BR | $1,245 |
| Three BR | $1,570 |
| Four BR | $1,752 |
2024 Fair Market Rents in Vance, Alabama
How many units are rented at Fair Market Rent (FMR) in Vance?
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 | 4 | 31 percent |
Rental Units Below FMR in Vance, Alabama
How many affordable rental units are in Vance?
Income Based Apartments in Vance, Alabama
Vance features 0 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 Vance, Alabama
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Vance.
Housing Choice Vouchers in Vance, Alabama
On average, Section 8 Housing Choice vouchers pay Vance landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Vance.
The maximum amount a voucher would pay on behalf of a low-income tenant in Vance, Alabama for a two-bedroom apartment is between $1,013 and $1,238.
Sourced from federal housing data and AffordableHousingOnline.com research.