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There are 153 low-income apartments in Boone County that offer reduced rents to eligible households.
Rental assistance programs support 382 low-income homes in Boone County where households pay rent based on how much they earn. For 2023, elgible households participating in federally assisted housing pay an average of $251 towards rent each month.
Affordable rent data for some communities last confirmed on January 3rd, 2023. Subdsidized rents typically change once a year based on federal guidance.
Boone County, Arkansas Affordable Housing Data
Income Based Apartments in Boone County, Arkansas
Boone County features 382 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 Boone County, Arkansas
There are 153 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Boone County.
Housing Choice Vouchers in Boone County, Arkansas
On average, Section 8 Housing Choice vouchers pay Boone County landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Boone County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Boone County, Arkansas for a two-bedroom apartment is between $648 and $792.
2023 Boone County, Arkansas 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 | |
|---|---|---|---|---|---|
| Boone County, Arkansas Fair Market Rent | $539 | $594 | $720 | $1,023 | $1,084 |
| Boone County, Arkansas Payment Standard Range | $485 to $593 | $535 to $653 | $648 to $792 | $921 to $1,125 | $976 to $1,192 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Boone County, AR Affordable Housing Snapshot
| Total Affordable Apartment Properties | 17 |
|---|---|
| Total Low Income Apartments | 535 |
| Total Housing Units with Rental Assistance | 382 |
| Percentage of Housing Units Occupied By Renters | 28.81% |
| Average Renter Household Size | 2.53 |
| Average Household Size | 2.45 |
| Median Household Income | $39,251 ±$1,797 |
| Median Rent | $596 ±$23 |
| Percentage Of Renters Overburdened | 37.42% ± 5.26pp |
| Total Population | 37,227 |
Population and Household Demographics
Boone County is a county in Arkansas with a population of 37,227. There are 14,961 households in the county with an average household size of 2.45 persons. 28.81% of households in Boone County are renters.
Income and Rent Overburden in Boone County
The median gross income for households in Boone County is $39,251 a year, or $3,271 a month. The median rent for the county is $596 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Boone County, a household making less than $1,987 a month would be considered overburdened when renting an apartment at or above the median rent. 37.42% of households who rent are overburdened in Boone County.
Area Median Income In Boone County
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 Boone County, HUD calculates the Area Median Income for a family of four as $67,000
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 Boone County
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 Boone County
| 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 Boone County AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$14,580 | $19,720 | $24,860 | $30,000 | $34,400 | $36,950 | $39,500 | $42,050 |
| 50% AMI Income Limits Renters earning up to 50% of the Boone County AMI may qualify for rental assistance programs that target Very Low Income households. |
$22,300 | $25,500 | $28,700 | $31,850 | $34,400 | $36,950 | $39,500 | $42,050 |
| 80% AMI Income Limits Renters earning up to 80% of the Boone County AMI may qualify for rental assistance programs that target Low Income households. |
$35,700 | $40,800 | $45,900 | $50,950 | $55,050 | $59,150 | $63,200 | $67,300 |
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