Affordable Housing In Hot Springs Village
Garland County, Arkansas

Guide To Affordable Housing in Hot Springs Village, Arkansas

There are 0 low income housing apartment communities offering 0 affordable apartments for rent in Hot Springs Village, Arkansas.

Income Based Apartments in Hot Springs Village, Arkansas

Hot Springs Village features 0 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 Village, Arkansas

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Hot Springs Village.

Housing Choice Vouchers in Hot Springs Village, Arkansas

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

The maximum amount a voucher would pay on behalf of a low-income tenant in Hot Springs Village, Arkansas for a two-bedroom apartment is between $726 and $888.

2022 Hot Springs Village, 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 Springs Village, Arkansas Fair Market Rent $589 $613 $807 $1,006 $1,352
Hot Springs Village, Arkansas Payment Standard Range $530 to $648 $552 to $674 $726 to $888 $905 to $1,107 $1,217 to $1,487

Sourced from federal housing data and AffordableHousingOnline.com research.

Hot Springs Village, AR Affordable Housing Snapshot

Total Affordable Apartment Properties 0
Total Low Income Apartments 0
Total Housing Units with Rental Assistance 0
Percentage of Housing Units Occupied By Renters 9.87%
Average Renter Household Size 1.88
Average Household Size 1.93
Median Household Income $54,936 ±$1,952
Median Rent $990 ±$105
Percentage Of Renters Overburdened 33.62% ± 9.75pp
Total Population 13,477

Population and Household Demographics

Hot Springs Village is a city in Garland County, Arkansas with a population of 13,477. There are 6,958 households in the city with an average household size of 1.93 persons. 9.87% of households in Hot Springs Village are renters.

Income and Rent Overburden in Hot Springs Village

The median gross income for households in Hot Springs Village is $54,936 a year, or $4,578 a month. The median rent for the city is $990 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Hot Springs Village, a household making less than $3,300 a month would be considered overburdened when renting an apartment at or above the median rent. 33.62% of households who rent are overburdened in Hot Springs Village.

Area Median Income In Hot Springs Village

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 Village, the AMI is calculated from all households within Garland County.

In Hot Springs Village, HUD calculates the Area Median Income for a family of four as $61,900

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 Village

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 Village

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 Springs Village AMI may qualify for rental assistance programs that target Extremely Low Income households.
$13,000 $17,420 $21,960 $26,500 $31,040 $35,580 $38,400 $40,900
50% AMI Income Limits
Renters earning up to 50% of the Hot Springs Village AMI may qualify for rental assistance programs that target Very Low Income households.
$21,700 $24,800 $27,900 $30,950 $33,450 $35,950 $38,400 $40,900
80% AMI Income Limits
Renters earning up to 80% of the Hot Springs Village AMI may qualify for rental assistance programs that target Low Income households.
$34,650 $39,600 $44,550 $49,500 $53,500 $57,450 $61,400 $65,350