Low Income Apartments and Affordable Housing For Rent in Colt, AR

Discover affordable housing in Colt 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.

Colt Senior Citizens Apartments

449 Old Military Rd E, Colt, Arkansas 72326

River View Village

Morgan St, Colt, Arkansas 72326

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Colt, Arkansas
$15.78/hour
$4.78 (+43%) more than Arkansas minimum wage and $8.53 (+118%) more than the Federal minimum wage.
Learn More About Colt, Arkansas Affordable Housing ↓

What HUD offices serve Colt, Arkansas?

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 Section 8 Housing Choice Voucher (HCV) programs for Colt, Arkansas.

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

How many renters live in Colt, Arkansas?

The City of Colt has 449 people living in 195 households.

There are 278 renters living in 129 renter households in this City. Renters make up 61.92 percent of the population living in Colt.

What is the rental market like in Colt, Arkansas?

There are an estimated 215 housing units in the Colt area. Of these, 132 units are rental homes, making up 61 percent of the housing market. For every renter household in Colt, Arkansas, there are 1 rental units.

What is the vacancy rate for rentals in Colt?

The rental vacancy rate in Colt is 2 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 Colt for each bedroom size?

Occupied Rental Units by Size in Colt
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
25 21 26 53 4
Occupied Rental Units by Size in Colt

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

Among renter households in this market, 64 percent have housing cost burden. Further, 29 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 Colt

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $618 to $1,166. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $618
One BR $660
Two BR $833
Three BR $1,161
Four BR $1,166
2024 Fair Market Rents in Colt, Arkansas

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

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
Studio 25 100 percent
One BR 21 100 percent
Two BR 14 54 percent
Rental Units Below FMR in Colt, Arkansas

How many affordable rental units are in Colt?

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

Federal Program Unit Count
Low Income Housing Tax Credit 40
Section 202 Supportive Housing for the Elderly 1
USDA Section 515 Rural Rental Housing 41
Tracked Units by Federal Program in Colt, Arkansas

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

Income Based Apartments in Colt, Arkansas

Colt features 21 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 Colt, Arkansas

There are 25 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Colt.

Housing Choice Vouchers in Colt, Arkansas

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Colt, Arkansas for a two-bedroom apartment is between $750 and $916.

Sourced from federal housing data and AffordableHousingOnline.com research.