Affordable Housing In Hot Springs
23 Low Income Apartment Communities In Hot Springs
Housing Authorities that serve Hot Springs
|Hot Springs Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in Hot Springs, Arkansas
There are 23 low income housing apartment communities offering 1,384 affordable apartments for rent in Hot Springs, Arkansas.
Income Based Apartments in Hot Springs, Arkansas
Hot Springs features 958 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 Springs, Arkansas
There are 366 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hot Springs.
Housing Choice Vouchers in Hot Springs, Arkansas
On average, Section 8 Housing Choice vouchers pay Hot Springs landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Hot Springs.
The maximum amount a voucher would pay on behalf of a low-income tenant in Hot Springs, Arkansas for a two-bedroom apartment is between $695 and $849.
2020 Hot Springs, 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|
|Fair Market Rent||$554||$586||$772||$971||$1,202|
|Payment Standard Range||$499 to $609||$527 to $645||$695 to $849||$874 to $1,068||$1,082 to $1,322|
Sourced from federal housing data and AffordableHousingOnline.com research.
Hot Springs, AR Affordable Housing Snapshot
|Total Affordable Apartment Properties||23|
|Total Low Income Apartments||1,384|
|Total Housing Units with Rental Assistance||958|
|Percentage of Housing Units Occupied By Renters||46.38%|
|Average Renter Household Size||2.04|
|Average Household Size||2.17|
|Median Household Income||$29,836 ±$1,891|
|Median Rent||$666 ±$22|
|Percentage Of Renters Overburdened||58.31% ± 4.42pp|
Population and Household Demographics
Hot Springs is a City in Garland County, Arkansas with a population of 35,539. There are 15,642 households in the city with an average household size of 2.17 persons. 46.38% of households in Hot Springs are renters.
Income and Rent Overburden in Hot Springs
The median gross income for households in Hot Springs is $29,836 a year, or $2,486 a month. The median rent for the city is $666 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hot Springs, a household making less than $2,220 a month would be considered overburdened when renting an apartment at or above the median rent. 58.31% of households who rent are overburdened in Hot Springs.1
Area Median Income In Hot Springs
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.
HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Hot Springs, the AMI is calculated from all households within Garland County.
In Hot Springs, HUD calculates the Area Median Income for a family of four as $60,000
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 Hot Springs
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 Springs
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$12,490||$16,910||$21,330||$25,750||$30,170||$33,600||$35,900||$38,250|
|50% of Median||$20,300||$23,200||$26,100||$28,950||$31,300||$33,600||$35,900||$38,250|
|80% of Median||$32,450||$37,050||$41,700||$46,300||$50,050||$53,750||$57,450||$61,150|