Affordable Housing In Faulkner County
29 Low Income Apartment Communities In Faulkner County
Guide To Affordable Housing in Faulkner County, Arkansas
There are 29 low income housing apartment communities offering 1,620 affordable apartments for rent in Faulkner County, Arkansas.
Income Based Apartments in Faulkner County, Arkansas
Faulkner County features 293 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 Faulkner County, Arkansas
There are 1,327 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Faulkner County.
Housing Choice Vouchers in Faulkner County, Arkansas
On average, Section 8 Housing Choice vouchers pay Faulkner County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Faulkner County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Faulkner County, Arkansas for a two-bedroom apartment is between $750 and $916.
2022 Faulkner 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|
|Faulkner County, Arkansas Fair Market Rent||$706||$728||$833||$1,118||$1,330|
|Faulkner County, Arkansas Payment Standard Range||$635 to $777||$655 to $801||$750 to $916||$1,006 to $1,230||$1,197 to $1,463|
Sourced from federal housing data and AffordableHousingOnline.com research.
Faulkner County, AR Affordable Housing Snapshot
|Total Affordable Apartment Properties||29|
|Total Low Income Apartments||1,620|
|Total Housing Units with Rental Assistance||293|
|Percentage of Housing Units Occupied By Renters||36.83%|
|Average Renter Household Size||2.44|
|Average Household Size||2.65|
|Median Household Income||$51,223 ±$1,885|
|Median Rent||$731 ±$20|
|Percentage Of Renters Overburdened||45.63% ± 3.14pp|
Population and Household Demographics
Faulkner County is a county in Arkansas with a population of 119,343. There are 43,204 households in the county with an average household size of 2.65 persons. 36.83% of households in Faulkner County are renters.
Income and Rent Overburden in Faulkner County
The median gross income for households in Faulkner County is $51,223 a year, or $4,269 a month. The median rent for the county is $731 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Faulkner County, a household making less than $2,437 a month would be considered overburdened when renting an apartment at or above the median rent. 45.63% of households who rent are overburdened in Faulkner County.
Area Median Income In Faulkner 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 Faulkner County, HUD calculates the Area Median Income for a family of four as $71,500
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 Faulkner 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 Faulkner 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 Faulkner County AMI may qualify for rental assistance programs that target Extremely Low Income households.
|50% AMI Income Limits
Renters earning up to 50% of the Faulkner County AMI may qualify for rental assistance programs that target Very Low Income households.
|80% AMI Income Limits
Renters earning up to 80% of the Faulkner County AMI may qualify for rental assistance programs that target Low Income households.