Affordable Housing In New Smyrna Beach
2 Low Income Apartment Communities In New Smyrna Beach
Housing Authorities that serve New Smyrna Beach
|New Smyrna Beach Housing Authority||Section 8 Housing Choice Voucher (HCV); Public Housing|
|Volusia County Community Assistance Division||Section 8 Housing Choice Voucher (HCV); Public Housing|
Guide To Affordable Housing in New Smyrna Beach, Florida
There are 2 low income housing apartment communities offering 318 affordable apartments for rent in New Smyrna Beach, Florida.
Income Based Apartments in New Smyrna Beach, Florida
New Smyrna Beach features 126 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 New Smyrna Beach, Florida
There are 192 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Smyrna Beach.
Housing Choice Vouchers in New Smyrna Beach, Florida
On average, Section 8 Housing Choice vouchers pay New Smyrna Beach landlords $600 per month towards rent. The average voucher holder contributes $400 towards rent in New Smyrna Beach.
The maximum amount a voucher would pay on behalf of a low-income tenant in New Smyrna Beach, Florida for a two-bedroom apartment is between $1,000 and $1,222.
2020 New Smyrna Beach, Florida 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||$750||$900||$1,111||$1,494||$1,690|
|Payment Standard Range||$675 to $825||$810 to $990||$1,000 to $1,222||$1,345 to $1,643||$1,521 to $1,859|
Sourced from federal housing data and AffordableHousingOnline.com research.
New Smyrna Beach, FL Affordable Housing Snapshot
|Total Affordable Apartment Properties||2|
|Total Low Income Apartments||318|
|Total Housing Units with Rental Assistance||126|
|Percentage of Housing Units Occupied By Renters||31.86%|
|Average Renter Household Size||2.16|
|Average Household Size||2.15|
|Median Household Income||$50,950 ±$2,767|
|Median Rent||$1,014 ±$59|
|Percentage Of Renters Overburdened||47.21% ± 6.63pp|
Population and Household Demographics
New Smyrna Beach is a City in Volusia County, Florida with a population of 23,356. There are 10,786 households in the city with an average household size of 2.15 persons. 31.86% of households in New Smyrna Beach are renters.
Income and Rent Overburden in New Smyrna Beach
The median gross income for households in New Smyrna Beach is $50,950 a year, or $4,246 a month. The median rent for the city is $1,014 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In New Smyrna Beach, a household making less than $3,380 a month would be considered overburdened when renting an apartment at or above the median rent. 47.21% of households who rent are overburdened in New Smyrna Beach.1
Area Median Income In New Smyrna Beach
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 New Smyrna Beach, the AMI is calculated from all households within Volusia County.
In New Smyrna Beach, HUD calculates the Area Median Income for a family of four as $59,100
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 New Smyrna Beach
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 New Smyrna Beach
|Income||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|30% of Median||$12,850||$16,910||$21,330||$25,750||$30,170||$34,590||$37,950||$40,400|
|50% of Median||$21,450||$24,500||$27,550||$30,600||$33,050||$35,500||$37,950||$40,400|
|80% of Median||$34,300||$39,200||$44,100||$48,950||$52,900||$56,800||$60,700||$64,650|