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There are 460 low-income apartments in Fairbanks North Star Borough that offer reduced rents to eligible households.
Rental assistance programs support 565 low-income homes in Fairbanks North Star Borough where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $489 towards rent each month.
Affordable rent data for some communities last confirmed on April 26th, 2023. Subdsidized rents typically change once a year based on federal guidance.
Fairbanks North Star Borough, Alaska Affordable Housing Data
Income Based Apartments in Fairbanks North Star Borough, Alaska
Fairbanks North Star Borough features 565 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 Fairbanks North Star Borough, Alaska
There are 460 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Fairbanks North Star Borough.
Housing Choice Vouchers in Fairbanks North Star Borough, Alaska
On average, Section 8 Housing Choice vouchers pay Fairbanks North Star Borough landlords $700 per month towards rent. The average voucher holder contributes $500 towards rent in Fairbanks North Star Borough.
The maximum amount a voucher would pay on behalf of a low-income tenant in Fairbanks North Star Borough, Alaska for a two-bedroom apartment is between $1,337 and $1,634.
2023 Fairbanks North Star Borough, Alaska Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
| Studio | One BR | Two BR | Three BR | Four BR | |
|---|---|---|---|---|---|
| Fairbanks North Star Borough, Alaska Fair Market Rent | $993 | $1,128 | $1,485 | $2,110 | $2,529 |
| Fairbanks North Star Borough, Alaska Payment Standard Range | $894 to $1,092 | $1,015 to $1,241 | $1,337 to $1,634 | $1,899 to $2,321 | $2,276 to $2,782 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Fairbanks North Star Borough, AK Affordable Housing Snapshot
| Total Affordable Apartment Properties | 25 |
|---|---|
| Total Low Income Apartments | 1,025 |
| Total Housing Units with Rental Assistance | 565 |
| Percentage of Housing Units Occupied By Renters | 41.89% |
| Average Renter Household Size | 2.51 |
| Average Household Size | 2.69 |
| Median Household Income | $71,068 ±$1,964 |
| Median Rent | $1,216 ±$35 |
| Percentage Of Renters Overburdened | 49.19% ± 3.48pp |
| Total Population | 99,705 |
Population and Household Demographics
Fairbanks North Star Borough is a county in Alaska with a population of 99,705. There are 35,582 households in the county with an average household size of 2.69 persons. 41.89% of households in Fairbanks North Star Borough are renters.
Income and Rent Overburden in Fairbanks North Star Borough
The median gross income for households in Fairbanks North Star Borough is $71,068 a year, or $5,922 a month. The median rent for the county is $1,216 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Fairbanks North Star Borough, a household making less than $4,053 a month would be considered overburdened when renting an apartment at or above the median rent. 49.19% of households who rent are overburdened in Fairbanks North Star Borough.
Area Median Income In Fairbanks North Star Borough
Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.
In Fairbanks North Star Borough, HUD calculates the Area Median Income for a family of four as $98,600
Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.
Rental Assistance in Fairbanks North Star Borough
Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.
Income Qualifications for HUD Rental Assistance in Fairbanks North Star Borough
| 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person | |
|---|---|---|---|---|---|---|---|---|
| 30% AMI Income Limits Renters earning up to 30% of the Fairbanks North Star Borough AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$20,750 | $24,640 | $31,070 | $37,500 | $43,930 | $50,360 | $56,790 | $63,220 |
| 50% AMI Income Limits Renters earning up to 50% of the Fairbanks North Star Borough AMI may qualify for rental assistance programs that target Very Low Income households. |
$34,550 | $39,450 | $44,400 | $49,300 | $53,250 | $57,200 | $61,150 | $65,100 |
| 80% AMI Income Limits Renters earning up to 80% of the Fairbanks North Star Borough AMI may qualify for rental assistance programs that target Low Income households. |
$55,250 | $63,150 | $71,050 | $78,900 | $85,250 | $91,550 | $97,850 | $104,150 |
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