Affordable Housing In Valley Village
12 Low Income Apartment Communities In Valley Village
Housing Authorities that serve Valley Village
|Housing Authority of the County of Monterey||Section 8 Housing Choice Voucher (HCV)|
Guide To Affordable Housing in Valley Village, California
There are 12 low income housing apartment communities offering 903 affordable apartments for rent in Valley Village, California.
Income Based Apartments in Valley Village, California
Valley Village features 388 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 Valley Village, California
There are 515 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Valley Village.
Housing Choice Vouchers in Valley Village, California
On average, Section 8 Housing Choice vouchers pay Valley Village landlords $900 per month towards rent. The average voucher holder contributes $300 towards rent in Valley Village.
The maximum amount a voucher would pay on behalf of a low-income tenant in Valley Village, California for a two-bedroom apartment is between $1,614 and $1,972.
2021 Valley Village, California 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||$1,348||$1,466||$1,793||$2,566||$2,813|
|Payment Standard Range||$1,213 to $1,483||$1,319 to $1,613||$1,614 to $1,972||$2,309 to $2,823||$2,532 to $3,094|
Sourced from federal housing data and AffordableHousingOnline.com research.
Valley Village, CA Affordable Housing Snapshot
|Total Affordable Apartment Properties||12|
|Total Low Income Apartments||903|
|Total Housing Units with Rental Assistance||388|
|Percentage of Housing Units Occupied By Renters||33.47%|
|Average Renter Household Size||2.61|
|Average Household Size||2.46|
|Median Household Income||$88,516 ±$14,748|
|Median Rent||$1,800 ±$116|
|Percentage Of Renters Overburdened||55.77% ± 23.72pp|
Population and Household Demographics
Valley Village is a city in Monterey County, California with a population of 4,302. There are 1,736 households in the city with an average household size of 2.46 persons. 33.47% of households in Valley Village are renters.
Income and Rent Overburden in Valley Village
The median gross income for households in Valley Village is $88,516 a year, or $7,376 a month. The median rent for the city is $1,800 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Valley Village, a household making less than $6,000 a month would be considered overburdened when renting an apartment at or above the median rent. 55.77% of households who rent are overburdened in Valley Village.
Area Median Income In Valley 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 Valley Village, the AMI is calculated from all households within Monterey County.
In Valley Village, HUD calculates the Area Median Income for a family of four as $81,600
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 Valley 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 Valley Village
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$20,350||$23,250||$26,150||$29,050||$31,400||$35,160||$39,640||$44,120|
|50% of Median||$33,950||$38,800||$43,650||$48,450||$52,350||$56,250||$60,100||$64,000|
|80% of Median||$54,250||$62,000||$69,750||$77,500||$83,700||$89,900||$96,100||$102,300|