How many renters live in Lowell, Arkansas?
The City of Lowell has 10,005 people living in 3,465 households.
There are 3,104 renters living in 1,185 renter households in this City. Renters make up 31.02 percent of the population living in Lowell.
What is the rental market like in Lowell, Arkansas?
There are an estimated 3,520 housing units in the Lowell area. Of these, 1,185 units are rental homes, making up 34 percent of the housing market. For every renter household in Lowell, Arkansas, there are 1 rental units.
What is the vacancy rate for rentals in Lowell?
The rental vacancy rate in Lowell is 0 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 Lowell for each bedroom size?
Occupied Rental Units by Size in Lowell
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 117 | 360 | 573 | 122 |
Occupied Rental Units by Size in Lowell
A large number of apartments in Lowell 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 Lowell are overburdened by housing costs?
Among renter households in this market, 22 percent have housing cost burden. Further, 6 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 Lowell
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $871 to $1,847. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $871 |
| One BR | $924 |
| Two BR | $1,121 |
| Three BR | $1,580 |
| Four BR | $1,847 |
2024 Fair Market Rents in Lowell, Arkansas
How many units are rented at Fair Market Rent (FMR) in Lowell?
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 |
| One BR | 117 | 100 percent |
| Two BR | 331 | 92 percent |
Rental Units Below FMR in Lowell, Arkansas
How many affordable rental units are in Lowell?
There are a variety of federal affordable housing programs serving households in Lowell, Arkansas including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 64 |
| USDA Section 515 Rural Rental Housing | 25 |
Tracked Units by Federal Program in Lowell, Arkansas
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lowell, Arkansas
Lowell features 50 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 Lowell, Arkansas
There are 24 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lowell.
Housing Choice Vouchers in Lowell, Arkansas
On average, Section 8 Housing Choice vouchers pay Lowell landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Lowell.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lowell, Arkansas for a two-bedroom apartment is between $1,009 and $1,233.
Sourced from federal housing data and AffordableHousingOnline.com research.
