Affordable Housing In Montgomery County
4 Low Income Apartment Communities In Montgomery County
Guide To Affordable Housing in Montgomery County, Arkansas
There are 4 low income housing apartment communities offering 114 affordable apartments for rent in Montgomery County, Arkansas.
Income Based Apartments in Montgomery County, Arkansas
Montgomery County features 114 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 Montgomery County, Arkansas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Montgomery County.
Housing Choice Vouchers in Montgomery County, Arkansas
On average, Section 8 Housing Choice vouchers pay Montgomery County landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Montgomery County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Montgomery County, Arkansas for a two-bedroom apartment is between $584 and $714.
2022 Montgomery 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|
|Montgomery County, Arkansas Fair Market Rent||$481||$570||$649||$916||$1,111|
|Montgomery County, Arkansas Payment Standard Range||$433 to $529||$513 to $627||$584 to $714||$824 to $1,008||$1,000 to $1,222|
Sourced from federal housing data and AffordableHousingOnline.com research.
Montgomery County, AR Affordable Housing Snapshot
|Total Affordable Apartment Properties||4|
|Total Low Income Apartments||114|
|Total Housing Units with Rental Assistance||114|
|Percentage of Housing Units Occupied By Renters||20.38%|
|Average Renter Household Size||2.61|
|Average Household Size||2.33|
|Median Household Income||$33,037 ±$3,000|
|Median Rent||$538 ±$61|
|Percentage Of Renters Overburdened||36.19% ± 10.3pp|
Population and Household Demographics
Montgomery County is a county in Arkansas with a population of 9,197. There are 3,892 households in the county with an average household size of 2.33 persons. 20.38% of households in Montgomery County are renters.
Income and Rent Overburden in Montgomery County
The median gross income for households in Montgomery County is $33,037 a year, or $2,753 a month. The median rent for the county is $538 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Montgomery County, a household making less than $1,793 a month would be considered overburdened when renting an apartment at or above the median rent. 36.19% of households who rent are overburdened in Montgomery County.
Area Median Income In Montgomery 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 Montgomery County, HUD calculates the Area Median Income for a family of four as $50,200
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 Montgomery 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 Montgomery 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 Montgomery 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 Montgomery 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 Montgomery County AMI may qualify for rental assistance programs that target Low Income households.