Affordable Housing In Hot Spring County
9 Low Income Apartment Communities In Hot Spring County
Guide To Affordable Housing in Hot Spring County, Arkansas
There are 9 low income housing apartment communities offering 419 affordable apartments for rent in Hot Spring County, Arkansas.
Income Based Apartments in Hot Spring County, Arkansas
Hot Spring County features 326 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 Hot Spring County, Arkansas
There are 93 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hot Spring County.
Housing Choice Vouchers in Hot Spring County, Arkansas
On average, Section 8 Housing Choice vouchers pay Hot Spring County landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Hot Spring County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hot Spring County, Arkansas for a two-bedroom apartment is between $605 and $739.
2022 Hot Spring 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|
|Hot Spring County, Arkansas Fair Market Rent||$478||$511||$672||$881||$1,109|
|Hot Spring County, Arkansas Payment Standard Range||$430 to $526||$460 to $562||$605 to $739||$793 to $969||$998 to $1,220|
Sourced from federal housing data and AffordableHousingOnline.com research.
Hot Spring County, AR Affordable Housing Snapshot
|Total Affordable Apartment Properties||9|
|Total Low Income Apartments||419|
|Total Housing Units with Rental Assistance||326|
|Percentage of Housing Units Occupied By Renters||28.03%|
|Average Renter Household Size||2.48|
|Average Household Size||2.59|
|Median Household Income||$40,000 ±$2,603|
|Median Rent||$657 ±$31|
|Percentage Of Renters Overburdened||44.12% ± 8.45pp|
Population and Household Demographics
Hot Spring County is a county in Arkansas with a population of 33,316. There are 12,136 households in the county with an average household size of 2.59 persons. 28.03% of households in Hot Spring County are renters.
Income and Rent Overburden in Hot Spring County
The median gross income for households in Hot Spring County is $40,000 a year, or $3,333 a month. The median rent for the county is $657 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hot Spring County, a household making less than $2,190 a month would be considered overburdened when renting an apartment at or above the median rent. 44.12% of households who rent are overburdened in Hot Spring County.
Area Median Income In Hot Spring 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 Hot Spring County, HUD calculates the Area Median Income for a family of four as $54,300
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 Hot Spring 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 Hot Spring 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 Hot Spring 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 Hot Spring 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 Hot Spring County AMI may qualify for rental assistance programs that target Low Income households.